The 2024 presidential campaign has begun to witness a flurry of promises and proposals from the leaders of the two leading political parties; the NPP and NDC.
The NPP's Dr. Bawumia in his victory address after the party's presidential primaries, said "My vision is to build an inclusive food self-sufficient, data-driven and systems-based nation that will fully participate in the global digital revolution to resolve our problems and also usher in a golden age of benefits from our national resources" without any further details yet but it may be too early. Dr. Bawumia was elected barely 20 days ago.
One of the most talked about promises thus far is the commitment by the NDC's presidential candidate to institute a 24-hour economy if elected. While the idea of a 24-hour economy is not novel, it demands closer scrutiny to discern its feasibility, implications, and practical steps to actualize such an ambitious vision.
A 24-hour economy is commonly associated with bustling metropolises worldwide and envisions a round-the-clock economic activity that transcends the traditional 9-to-5 work structure. Cities like New York, Tokyo, London, and lately Sydny exemplify this concept, where businesses, services, and entertainment operate seamlessly throughout the day and night.
Proponents argue that a 24-hour economy can catalyze growth in various industries. Sectors such as hospitality, healthcare, and entertainment stand out as potential beneficiaries, as they are already accustomed to operating beyond standard working hours. The impact on these industries could be transformative, creating job opportunities and contributing significantly to GDP.
The ripple effects of a 24-hour economy extend beyond specific sectors. Increased economic activity leads to higher productivity, enhanced service delivery, and a more dynamic business environment. However, these gains are contingent on the fulfillment of crucial prerequisites.
For a 24-hour economy to flourish, certain conditions must be met. Proper zoning to prevent noise pollution, robust security measures, improved mobility, substantial infrastructure investment, flexible work hours, and a sufficient supply of electricity are among the basic prerequisites.
While the concept of a 24-hour economy sounds appealing, it is crucial to recognize that its successful implementation requires more than political pronouncements. It necessitates a meticulously planned and executed strategy that addresses the complex web of interrelated factors.
With a political platform pronouncements of the policy without any supporting clarifications, it is important to ask What exactly does the promise of a 24-hour economy entail? Will public sector offices operate at night? Will residential and commercial areas be rezoned to avoid noise pollution? Is there a provision for enhanced security? Is this a nationwide policy?
Some of Ghana's sectors currently operate 24/7. Such sectors as medical services providers, the hospitality industry, manufacturers, some recreational facilities, and some banks operate a 24/7 service cycle.
As a result of the ongoing Digitalisation Drive, a number of public services are currently available 24/7. For instance, ECG services provide continuous access to prepaid credit purchases and customer service. Water services are similarly available through digital platforms. The process of renewing the National Health Insurance is also now digitalized.
The provision of these services is grounded in the specific demands of these industries and the enabling conditions that support continuous operation.
An economy functioning 24/7 is not solely a product of policy but a response to existing economic value. The demand for round-the-clock services emerges organically when there is a tangible benefit. As such, a 24-hour economy should evolve naturally based on economic drivers rather than being a forced imposition.
While the idea of a 24-hour economy may capture imaginations as a trajectory to economic development, voters deserve more than catchy slogans. As memories of several failed political promises linger in the minds of Ghanaians, a call for detailed policy documents on campaign promises has become imperative.
Ghanaians need to be informed about the concrete plans and tangible steps that will transform proposals from a campaign promise into a reality to make sound voting decisions.
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