TEMA, Ghana, 24 January: The Secretary-General of the Ghana Federation of Labour (GFL), Abraham Koomson, has stated that it is unrealistic to expect Ghana’s proposed 24-hour economy policy to produce tangible results within a year of implementation.
According to him, the 24-hour economy is a long-term structural transformation rather than a short-term economic fix. He estimates that it could take the whole tenure of President Mahama for the policy to be fully integrated into the national economic framework.
Mr. Koomson explained that for the policy to deliver meaningful results, critical areas such as infrastructure, regulation, security, and energy supply must first be aligned processes that cannot be completed within a single year.
Speaking on Yepe Ahunu on Ahotor FM on Saturday, January 24, the GFL Secretary-General stressed that a functional 24-hour economy requires reliable and uninterrupted power supply, enhanced security in some areas, and an efficient public transport system, particularly for night operations. He noted that resolving challenges such as power supply deficits is not an immediate process.
He further explained that the policy largely depends on sectors such as manufacturing, agro-processing, hospitality, retail, and parts of the informal sector to operate around the clock. Coupled with what he described as economic mismanagement by the previous government, Mr. Koomson said the new administration would require time to put the necessary systems in place.
While acknowledging that some initial, small-scale gains could be recorded within the first year, Mr. Koomson maintained that widespread and transformative economic growth under the 24-hour economy policy would take more than 12 months to materialize.
“Basically, the cause of the collapse of the local manufacturing industries was bad economic policy, which opened the floodgates for foreign goods to flood the markets. Substandard foreign products were smuggled into the markets through unapproved entry points, causing prices of local manufactured goods uncompetitive. Obviously, the 24-hour economic policy is to address these challenges faced by the local manufacturers to attract investors to reactivate their businesses in the country. For instance, only the textile sector, which employed about 25,000 workers in the 1970s, now has less than 1,500 in employment. We’re now seeing signs of this government’s commitment to create a congenial manufacturing environment to entice investors” he said.
He therefore urged the public to exercise patience and allow the government to continue rolling out the policy, commending the current approach being adopted. According to him, the success of the 24-hour economy will ultimately depend on sound and consistent policy implementation, which he believes will benefit the country in the long run.
LISTEN TO ABRAHAM KOOMSON IN THE AUDIO BELOW:
Story by: Emmanuel Romeo Tetteh(#RomeoWrites✍️)/Ahotoronline.com | Ghana 🇬🇭