Unemployment remains a significant issue in the country, and John Dramani Mahama, during his 2024 election campaign, announced the 24-hour economy policy to address this challenge.
Speaking about this policy on GhanaWeb TV’s BizTech program, hosted by Ernestina Serwaa Asante, the Secretary General of the Ghana Federation of Labour, Abraham Koomson, lauded the government for introducing this initiative.
In his view, the 24-hour economy policy is the best way to put the country back on a sound footing.
To support his claim, he explained that this policy dates back to 1962 when Ghana’s first president, Osagyefo Dr. Kwame Nkrumah, established the Ghana Industrial Holding Corporation (GIHOC) and 16 other industries to create jobs for Ghanaians and curb the high unemployment rate.
“The 24-hour economy policy is the best to revive the economy and, by so doing, create jobs… The hope of this country depends on the manufacturing industry, which will create jobs,” he said.
Abraham Koomson stated, “The 24-hour economy is not a new economic policy. It dates back to 1962 when Osagyefo Dr. Kwame Nkrumah established the Ghana Industrial Holding Corporation (GIHOC). He started with 16 industries covering agriculture, manufacturing, and other sectors just to create employment and ensure that we depended on our own resources,” he recounted.
Koomson continued, “Unfortunately, due to changes in government and military interventions, we faced serious issues with these companies. Virtually, they are dead. That’s why we hail the president’s initiative to revive these industries by introducing the 24-hour economy policy. It is not a new concept; it aims to bring back these companies. The military overthrow of Nkrumah disrupted his vision.”
“The governments that came after had different focuses, unlike Nkrumah, whose aim was to build a strong economy. You can only achieve that if you have industries that can create jobs and manufacture goods locally. Currently, we are importing even tomatoes, pepper, onions, and other produce we can grow here. Nkrumah’s goal was to ensure self-sufficiency and create jobs for our people,” he added.
The 24-hour economy is a policy intervention by the Mahama government to encourage and support certain businesses and companies to operate 24/7, preferably in a three-shift system of 8 hours each.
This policy also aims to create an enabling environment that promotes productivity, competitiveness, and well-paying jobs.
According to the government, this will be achieved through an agenda to modernize and mechanize agriculture; provide incentives for the private sector to thrive; promote agro-processing and manufacturing; and transform Ghana into an import substitution and export-led economy, among other strategies.
The policy ultimately aims to stabilize the local currency, reduce inflation and interest rates, create more employment opportunities, and improve livelihoods.
