The Secretary-General of the Ghana Federation of Labour (GFL), Abraham Koomson, says the success of the government’s 24-hour economy initiative will depend largely on the active participation of the private sector and the creation of a favourable business environment.
He argues that government institutions alone cannot generate the employment opportunities needed to make the policy successful, insisting that private businesses and manufacturing companies must take the lead in expanding production and operating multiple shifts.
Speaking on the initiative, Mr Koomson explained that the 24-hour economy should go beyond getting government offices and ministries to operate throughout the day and night.
According to him, factories and private businesses must be encouraged to operate around the clock to increase industrial production, create jobs and strengthen the country’s productive capacity.
He noted, however, that businesses would only be willing to expand their operations if the economic environment allows them to operate profitably and sustainably.
Mr Koomson identified excessive taxation, smuggling and unfair competition from imported goods as some of the major challenges discouraging investment and undermining local industries.
He said some businesses had relocated their operations to countries such as Côte d’Ivoire, Togo and Nigeria because of the difficulties they faced in Ghana.
He therefore urged the government to address the concerns of local manufacturers, reduce unnecessary tax burdens and tackle smuggling to restore investor confidence.
Mr Koomson maintained that creating favourable conditions for businesses to thrive would encourage existing companies to expand while attracting new investors into the productive sectors.
He expressed optimism that a properly implemented 24-hour economy could revive industrial activity, increase employment opportunities and provide sustainable jobs, particularly for the youth.
He stressed that the initiative’s success would ultimately depend on strong collaboration between government and the private sector.
Story by Stephen Kwaku Owusu Mintah