Economist Dr. Nii Moi Thompson has challenged Vice President Dr. Mahamudu Bawumia’s understanding of a 24-hour economy, asserting that it involves more than simply keeping a few establishments open at all hours or illuminating sports fields at night.
Dr. Thompson clarified that a 24-hour economy is a multi-dimensional strategy for economic transformation and aims to fortify businesses operating during the day and create favorable conditions for enterprises nationwide, extending beyond Accra, to thrive in an interconnected world that operates ceaselessly.
This concept reflects a commitment to a nation realizing its full potential, rejecting mediocrity in favor of broader economic development.
Dr. Bawumia had previously criticized former President John Dramani Mahama’s proposal for a 24-hour economy, suggesting that Mahama did not comprehend the true implications of such an economic model.
Dr. Thompson countered this perspective, emphasizing that the idea extends far beyond mere night time entertainment.
He lamented that detractors had reduced the concept to superficial activities, emphasizing the need for a comprehensive understanding of its multi-faceted approach to drive economic progress.
The Director of Research at the Institute of Economic Affairs (IEA), Dr. John Kwakye, has also expressed support for the concept of a 24-hour economy, particularly in a country grappling with significant unemployment. Dr. Kwakye urged critics to gain a thorough understanding of the idea before dismissing its feasibility outright. In a tweet, he advised those unfamiliar with the concept to refrain from hasty judgments, emphasizing the importance of acknowledging one’s lack of understanding.
Critics, including Vice President Dr. Mahamudu Bawumia, have argued that Former President John Dramani Mahama lacks a clear understanding of the 24-hour economy concept. Dr. Bawumia pointed to existing 24-hour operations in various sectors such as hospitals, the Electricity Company of Ghana, Ghana Water Company, fuel stations, and numerous chop bars.
Contrary to the critics, Dr. Kwakye asserted that a well-planned 24-hour economy makes economic sense, particularly in a nation with high unemployment rates and untapped resources and capacities. He emphasized the potential economic benefits of such a strategy when appropriately implemented.
Godfred Sey/ Ahotoronline .com
