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Joe Jackson, a Ghanaian economist and the Director of Operations at Dalex Finance, has advised NDC flagbearer John Mahama to refrain from promising a 24-hour economy if elected president. According to Jackson, imposing a 24-hour economy on Ghanaians is not feasible for any government.
Jackson scrutinized the 24-hour economy strategy following the presentation of the 2024 fiscal budget by the Finance Minister in Parliament on November 15, 2023. He suggested that the ruling party should concentrate on making the economy appealing to both Ghanaians and investors, rather than announcing intentions to enhance the night economy to promote tourism.
He emphasized that a 24-hour economy cannot be imposed but can only be encouraged through incentives, allowing entrepreneurs to take risks and invest in businesses. Jackson gave examples, stating that if there is a demand for certain products or services at midnight, entrepreneurs will respond to that demand.
While acknowledging that he might not fully support the policy, Jackson, as a business expert, emphasized the importance of evaluating market demand, production costs, and the availability of necessary resources before implementing such initiatives. He reminded Ghanaians of the NDC’s promise in the 2020 general elections to introduce a 24-hour economy if elected, and stressed the need for comprehensive market research and consideration of economic factors before implementing such policies.
Jackson concluded by urging the government to create a conducive framework, ensure competitive input prices, and guarantee a stable power supply to facilitate the successful implementation of a 24-hour economy, encouraging entrepreneurs to participate willingly.
Source:Omanghana.com
