Thriving 24-hour economy key to recovery — Former President Mahama

FORMER President John Dramani Mahama has said he will implement series of transition measures to address the prevailing economic decline and set the economy on the path of recovery when elected to lead the country again. 

He outlined the measures to include creating a thriving 24-hour economy with focus on infrastructure, security and regulations to support businesses for economic growth.

24-hour economy 

Addressing a large gathering of private sector Chief Executive Officers (CEOs) in Accra on Thursday night, the flag bearer of the biggest opposition party, the National Democratic Congress (NDC), added that the proposed 24-hour economy formed part of the party's vision to build the “Ghana We Want”. 

“Let me reiterate that our quest to build the Ghana we want together with you will be premised on building an industrialised, inclusive and resilient economy that creates well-paying jobs,” Mr Mahama added. 

Former President Mahama, who is seeking a return to the presidency after eight years in opposition, also assured the business executives that the NDC was dedicated to creating an environment where they would thrive and contribute to the overall well-being of citizens. 

An NDC government, he said, would also work towards reducing corruption, increasing local participation in the extractive industry, and easing the tax burden on households and businesses. 

Presently, Mr Mahama said that many businesses were still bearing the brunt of the economic meltdown contrary to the Finance Minister’s assertion that the economy had turned the corner.

“Businesses that moved headquarters from Ghana to our neighbouring countries have yet to return, while the poorly thought-through banking sector clean-up has left thousands of skilled financial sector workers jobless and impoverished,” he said. 

Game-changer

Mr Mahama, however, said that the proposed 24-hour economy would be a game-changer for the accelerated development of the country.

He explained that the roots of the policy emanated from the 40-year National Development Plan the National Development Planning Commission (NDPC) put together when he was President. 

“Unfortunately, the present government discarded the 40-year plan and replaced it with a “Ghana Beyond Aid” plan that has turned Ghana into a beggar nation.

“The 24-hour policy will be anchored around the clock with a three-shift work schedule in many sectors, and the intent is to transform the nation into a self-sufficient and  export-led economy.

“To be clear, we are not creating a command economy with centralised planning that would be at variance with the Social Democratic ideology of the NDC,” Mr Mahama said. 
Rather, he said the policy would combine government support and private sector involvement.

Mr Mahama said legislations would be introduced to support businesses operating the system, including labour laws, tax incentives and regulations that would ensure workers’ rights and protection.

He further said companies that signed up for the 24-hour economy policy would enjoy smart metering calibrated to charge a lesser tariff (per KW/h) for power consumed during off-peak hours at night based on a Time of Use (ToU) tariff system, while financing support would be provided for certain strategic agro-processing firms and manufacturing companies to boost production for value addition, self-sufficiency and increased exports.

In addition, he said technology and digital infrastructure investment would also be prioritised to enable automation and seamless operations.