This fervent prayer goes to you Mr. President and your Vice. You Have succeeded
in your quest to reset and rebuild the Ghana we want in the 24-Hour Economy
execution.
PRAYER
Psalm 35:1-4 Prayer of David.
1Contend, LORD, with those who contend with me; fight against those who fight
against me.
2 Take up shield and armor; arise and come to my aid.
3 Brandish spear and javelin against those who pursue me. Say to me, “I am your
salvation.”
4 May those who seek my life be disgraced and put to shame; may those who plot
my ruin be turned back in dismay.
Yes, your enemies will rise in rage to consume, disorganize and dismantle your
good intentions for our dear country. In all these, they shall be aback in dismay.
They shall never triumph nor gloat over their negative and evil conspiracy. The
legacy you left in 2016 which saw Ghana in a major infrastructural upliftment but
was abandoned, has provided a foresight to Ghanaians and has confirm the
differences in governance comparable to your contenders.
Now from 2025, you have been set make history which shall never be forgotten.
Your selfless devotion and the will to rebuild our motherland, shall surely be
recalled in the annals of mother Ghana. Great things he has done, greater things he
will do in the mighty name of Jesus Christ,
Amen!
EXECUTIVE SUMMARY
To be truthful, implementing the 24-hour economy concept will in actually, be the
quickest, fastest and the most strategic approach to revamp this ailing economy from
the mess caused by the out gone NPP government. As a matter of fact, the issue of
Ghana has become a worry to many across the globe, especially, our development
partner. Ghana has become a problem child to our creditors because of our inability
to survive without the continuous foreign aid.
Yes, it is understandable we need help to be able to stand on our feet irrespective of
the numerous natural resources we have been endowed. Conceivably, is about time
we start looking at re-negotiating and reviewing our mineral resource extraction
agreements while we embark relentlessly on the 24-hour economy journey.
In furtherance to the above, the article stresses a comprehensive review on Ghana’s
economic challenges and potential solutions by advocating for the introduction of
the 24-hour economy, alongside integrating industrialization in the perspective of
domestication. Below are key points from the article:
1. Mechanical Recession: The article begins by describing the current
recession as “mechanical,” caused not by natural global factors, but by
internal mismanagement, poor leadership, and corruption. The aim is to
identify these economic faults and propose reforms.
2. Industrialization and Domestication:
o Industrialization is seen as a solution to reviving Ghana’s economy by
reducing dependency on imports and increasing local production. The
article stresses the importance of local manufacturing and producing
at least 40-50% of what the country consumes.
o Domestication, a concept often associated with animal husbandry, is
redefined here to mean the localization of production and
consumption. By “domesticating” industries, Ghana would be able to
reduce its reliance on foreign goods and instead focus on expanding
local industries and manufacturing plants.
3. 24-Hour Economy: The introduction of a 24-hour economy, operating in
three shifts, is proposed as a way to increase productivity and create jobs.
This policy would allow industries and services to operate continuously,
ensuring more work opportunities and maximizing production. It would also
help mitigate Ghana’s unemployment issues by shifting to a more dynamic
and around-the-clock economy.
Agricultural and Manufacturing Synergy: The article advocates for a
blend of agriculture and industrialization. By leveraging Ghana’s
agricultural strengths (e.g., fertile land for crops such as rice, vegetables, and
cotton), the country can support local agro-processing industries. This would
reduce imports, create more jobs, and contribute to export growth.
5. Reviving Dormant Industries: There is a call for the reactivation of plants
such as Komenda Sugar Factory, TOR, and other processing plants to drive
industrial growth. By rejuvenating these factories, Ghana could meet
domestic demand and boost exports, which would help balance the trade
deficit.
6. Export Expansion: The article highlights the importance of local
production for export. By increasing the production of high-quality goods
for international markets, Ghana can reduce its trade deficit and improve its
foreign exchange reserves.
7. Policy Recommendations:
o The 24-hour economy would create more jobs and allow businesses to
operate more efficiently.
o Industrialization efforts should focus on maximizing local production
while minimizing taxes on the few existing industries to support
growth.
o Domestication is emphasized as a strategy to ensure that more of the
products consumed by Ghanaians are locally produced, thus reducing
dependency on foreign imports and stimulating economic growth.
In conclusion, the article argues that Ghana’s economy can be revitalized by
embracing industrialization and domestication in the context of a 24-hour economy
execution. By focusing on local production, reactivating dormant industries, and
exporting high-quality goods made here in Ghana, the country will/can reduce its
reliance on imports, create jobs, and reposition itself for sustained economic
growth.
Foot Note
Although an article, this document suggests the formidable idea as to the effective manner to enact the 24-hour economy.
PREAMBLE
In recent times, reports on governance in most countries, have indicated that,
recession of many economies around the globe, as we have always known to be
dependent on changes in some Economic variables including unemployment rate
which subsequently affects regional trade partners, is no longer attributed to organic
strides on the international stage. Organic in terms of natural occurrences or as a
result of global trends which affects trade and thereby making it impossible for
countries to experience growth in their economies.
However, the subsequent effect of recession on a host of nations within an economic
block, have become ‘mechanical’. ‘Mechanical’ in that, they are deliberate and
intentional caused by public office holders. Mismanagement and poor managerial
practices are the main contributing factors of these recessions.
Interestingly, this article however, provides us with resolutions as to why the term
mechanical is applied as an adjective against some macro-economic environments
worldwide and how industrialization and domestication can resuscitate Ghana’s
seeming recessed economy in a 24hour Economic regime.
BACKGROUND
Truly, some recessions are ” mechanical” due to mismanagement of the public
purse, incompetent leadership style, profligate of contract funds, reckless application
and misappropriation of state resources, frivolous miscalculation of government
expenditure and lastly, the desire to loot and share by most officialdom. These
factors have now succeeded as the main causes of recession as we’ve always known
in several African countries. Come to think of it, most recessions have become a
pressing liability and pestilence inflicted by managers and leaders of many
economies without the seclusion of Ghana.
This in effect, is the reason for which most recessions have been categorized as
– ‘mechanical’. Off course, some recession might or may be caused by natural
means or a global plague, however, effective and responsive approach to such
situations unlike our problem here in Ghana, can help avert that plummeting
economy to a desirable level for governance continuum. Evidentially, our economic
stands now, can be described as “mechanical” due to the downward trend of living
standards, and fluctuating economic indicators are largely blamable on our leaders,
taking a combination of issues ongoing into consideration e.g. the energy sector
brouhaha or DUMSOR (as it’s known in Ghana), abysmal increase in food stuff,
uncontrollable hikes in utility bills, forceful collapse of some private sector jobs due
to non-compliance etc.
Consequently, as some selfless persons or individuals and come up with the
ambition, capability, competency and desire to lead and manage their economies
efficiently in a visionary manner, through the pulling of resources in the form of
human capital, endowed natural resources and revenue generation together with a
unified foresight of reviving and rejuvenating any such dwindling economies like
what we’re facing and experiencing here in Ghana, the problem(s) that confronts
them, first and foremost are,
(1) How to ensure majority of its working class get back into gainful employment to
minimize the unemployment rate confronting the country and also,
(2) The most effective and efficient approach, that can champion and accelerate
revenue generation to redirect, recessed economies in the affirmative.
(3) To a high extent, revamping the industrialization architecture and
(4) The effective approach to sustain taxation in order to create an enabling
environment without any nuisance, for businesses to thrive, expand and maximize
growth that will enable the economy to start booming and thereby pave way for
increasing employment and job placement.
Interestingly, for us here in Ghana, the key strategic options that comes to mind and
can be leveraged are herein listed below: –
(a) For Ghana’s ailing economy to revamp from its current recession, it is
advisable more or less, for the country to embark on consumption of
approximately 40 – 50 percent or more of what we produce and vice-versa in
a gradually process. This is where industrialization comes into the equation.
However, one may then ask, what is industrialization? Truly, the Oxford
dictionary defines industrialization as – the introduction of industries into a
country or region. Indeed, the big questions emanating out of the definition
above with regard to Ghana are,
• What is the state of Ghana’s manufacturing sector?
• Are we able to produce 40-50% of what we consume?
• If not, are we capable of doing
Verily, this concept of industrialization which provides a shift from over reliance on
taxing the few companies to the re-introduction of industries and manufacturing
plants, which will broaden the tax net and then, embolden the patronage of made in
Ghana goods in other word – domestication. Unarguably, this is the
recommendation of this write-up and our presumption is that, if domestication is
carefully assessed and analyzed, it would strategically reposition Ghana in the subregion
and on the global stage. Admittedly, domestication should be accepted across
all sectors of the economy.
Nonetheless, some economist may consider this approach as remote and unpopular,
however, it is the fundamental and the primary solution to creating a solid foundation
for Ghana, going into the future. Strangely, the word ‘domestication’ had never been
captured or appeared in any economic textbook ever written from the era of Adam
Smith (the world acclaimed philosopher and father of economic) till date.
This emerging strategy (domestication) has been proactive in Japan, Taiwan, China,
Korea and India etcetera (following the trajectory of their economic history and
performance overtime). Candidly, it’s evidential to note that, the above Asian
countries patronize about 80-95% of what they produce from agriculture to
manufacturing and services.
(b)Ghana must embark on vigorous production and divert its attention and
revenue generation from the imposition of killer levies or taxes on the few and
available companies which subsequently over burdens consumers, since these
taxes are indirectly transferred on to the final consumer of the goods and
thereby, making it unbearable for repeat and continuous purchasing of the
same product.
(c) Introduction of elongated working hours, 24/7 round the clock working hours
which could commit more people into working and then, a subsequent
backward integration of revenue generation by the government. This then
appraises the proposition of the 24-hour Economy concept to be
introduced. Elongated working hours which promotes the creation of three (3)
shifts system, will encourages further employments excess availability of
production hours. Deliberation on these excesses will subsequently aid our
international marketing strides, which shall intend promote and increase the
sale of made in Ghana goods offshore. Mindfully, increasing our exportation
will aid in balance the country’s trade deficit and then address the currency
fluctuation in our forex market.
YEAR 2025 AND BEYOND
Scenically, the herculean task that confronts H. E. John Dramani Mahama and his
able Vice, Professor Jane Naana Opoku-Agyeman and the visionary Economic
Management Team (EMT) from January 2025 and thereon, will be the most
formidable, smart and subtle strategy to adopt, that can accelerate the fixing and
reformation of the Ghanaian economy from this quagmire. Nevertheless, it is
prudent for the new administration to first and foremost, revitalize this arson or
mechanical recession the country had been plunged by the out-gone NPP
administration and then, repositioning of the economy alongside all effective
revenue generation sources.
As an arduous leader, it is indubitable President Mahama must ensure, many more
people are put into active work in order to ease the tension, agitations and economic
hardship we so find the country, which is no fault of the ordinary indigenes but as
result of the clueless and mismanagement (if I may say) of the previous NPP
administration. Indicatively, the purpose of this write-up is to awake Ghanaians, on
how the 24-hour economy integrates domestication and industrialization.
SCHOOL OF THOUGHT
Domestication, as mentioned earlier, has never been captured in any economic
books whatsoever as a strategy or area of study, but it is often related to our homes
and the integration of animals among humans and things of personal interests and
benefits. However, the purpose of domestication as mentioned here, is intended to
remind us on how an economy of a sovereign nation like Ghana, can be
domesticated, drawing inferences from the different meanings of the word as
provided by scholars.
In all investigations, the word domestication is duly related to the taming of animals
to become pets. However, let us consider a few definitions of the word and how it
can be assimilated into an economy in action and the study of economics generally.
Below are some interpretations of domestication: –
(i) Domesticate is defined as, ‘ to bring into use in one’s country or bring into
domestic (home) use – Mariam Webster Dictionary
(ii) To tame to live with humans or custom to home life and management – Oxford
English Reference Dictionary,
From all these school of thoughts, it is evidential to note that, the verb domestication
borne out of the noun domestic is inarguably, how to transform an animal or
something for one’s local usage or patronage without any harm. In relating this to
the study of economy, Ghana has been earmarked for importation of virtually
everything we use from food to apparels, electronics to electricals etc.
Nonetheless, domesticating is not targeted at a complete abolition of importation,
but the main focus is to encourage ventures into Ghana’s production or
industrialization architecture in order to resuscitate the growth of our local industries
amidst the 24-Hour Economy proposition.
On the contrary, it rather emboldens local production with the view of adding value
to the commodities or raw materials extracted from our soil and thereby, creating
value and employment for our youth. Manufacturing goods or product to meet
international standards will further inspire all Ghanaians to buy what we produce
and consume what we produce. Additionally, it will minimize consumers over
reliance on foreign products, with the only reason that, we can purchase substitute
products of our taste and quality. made locally at an affordable price.
CONSUME WHAT WE PRODUCE AND PRODUCE WHAT WE
CONSUME IN THE 24 HOUR ECONOMY
The caption above is what domestication addresses. The point here is, by consuming
what we produce and vice versa, we are engaging in domestication (this is the most
fit technically term). As a result of consuming what we produce or domesticating,
production from the various manufacturing plants i.e. Komenda sugar factory,
Pwalugu tomatoes factory, Zuarungu meat factory, TOR etc. will need rejuvenation
to boost local production at its best while other dormant production plants are
considered for revitalization. Sequentially, increment in production will call for
more hands and increased working hour, leading to the creation of more shifts for
more workforce to be contracted.
Nonetheless, envisaging the 24-hour Economy promulgation and the subsequent
consumption of locally manufactured products, will definitely pave way for the
successful implementation of the concept consume and vice-versa, does not entirely curtail importation but, the cutting-edge
effect on economy will be, quotas on imported goods with high clearing tariff
imposition, will discourage continuous importation and patronage due to high
purchasing prices imposed by the importers. Much more, we will only import what
we do not produce and very little of substitutes.
However, due to the sophisticated nature of consumers, the minimal section of
people with insatiable tastes may continue with the imported product while price
lowering or reduction of locally manufactured (made in Ghana) goods, will see the
increment of local consumption and thereby making it possible for the local
manufacturers to expand and absorb more of our Universities talents produce year
in and out.
Imperatively, the effect of domesticating Ghana’s economy, will actually enact our
true identity and the Ghanaian we are, not by mouth, not by words, but by deed, by
patronage, by attitude, by mindset and demeanor.
OBSERVATION
In our quest to reset this economy, it is experiential that, most of our industries
established by Osagyefo Dr. Kwame Nkrumah in the 1960s and have run through to
the 80s and early part of the 90s are either on the verge of collapsing due to
mismanagement or currently dormant. For example, TOR had been out of operation
since 2018 with no effort to get it back on track.
Successive governments from 1992 have added a few production plants at the
freezone enclave and some scattered around other regions of the country. We use so
much glass product in Ghana yet, the glass factory in Adosso had been shut down
for donkey years. These and many more issues are what domestication addresses.
As the ghana thrives on a downward GDP growth, it will be scenical to rule out the
re-introduction of industries which will resolve our craving call to combating
unemployment and to reset and build the Ghana we want.
CONCLUSION
In fine, it is advantageous to produce between 30 – 50 percent of what we consume
locally than dependence on importation, taking the benefits coupling such an
initiative into consideration. For example, the Asian Tigers e.g. China, Japan, Korea,
Taiwan etcetera, did same and it worked, why not Ghana – a nation so endowed withand thereby, deprive the good will of
importing similar or substitute products if the right policies and structures are put in
place. By now, it is imperative for us as Ghanaians to note that, producing what we
almost all the natural resources one can think of. Once we begin patronizing and
consuming what we produce, that alone will augment the primary purpose of
engaging more of our youths into working in the 24-Hour Economy implementation.
On one hand, National Commission on Civic Education (NCCE) will/should then,
be tasked to spearhead the continuous promotion and education of made in Ghana
goods. It is a daunting task but overtime, the promulgation and education will diffuse
and then, the effort into the project, will speak for its self.
Indeed, a country like Ghana, blessed with vast expanse of fertile land and capable
of cultivating almost of all food items including vegetables and fruits, rice, potatoes
so on and so forth, logically, needs not import same from our Sahel neighbors
because, they can be grown here by our farmers on a mechanized scale, if our
agricultural mechanisms are properly organized and modernized in the 24-Hour
Economy execution.
Interestingly, we have the agricultural school at Kwadaso in the Ashanti region,
Agric faculty at Legon (University of Ghana) and the Centre for Scientific and
Industrial Research (CSIR) Ghana, can be tasked to research and come with findings
that will enhance and modernize Ghana’s agricultural sector. Let us put these
resource centers to good use. Seemingly, Ghana should be the food basket of the
West African sub-region if not in Africa.
Seemingly, this is why, it had been thought off and reasoned that, leveraging
domestication against industrialization in the 24-hour economy, must be uphold and
also to rejuvenate our farming methods for instance cotton etc. which will
subsequently feed the textile factories and also increase our manufacturing level of
clothes. Frankly, this will cause a rippling positive effect in the reduction of overhead
cost of production because, the raw material is home grown or domesticated. As a
matter of fact, industrialization by domesticating, is the true and only positive way
to grow and reposition this economy on a positive trajectory.
Ghana has become a worry to our donors and the International Monetary fund (IMF).
It is true, our leaders are bemused and bereft. They pronounce one thing when in
opposition but virtually lost track when power is bestowed on them. Until we put
our asses together and give out our best like Barack Obama advised Professor John
Evans Atta Mills of blessed memory, it will be greatly difficult for the ordinary
Ghanaian to feel the impact of the natural resources endowed the country
RECOMMENDATIONS
1. 24-Hour Economy
In as much as Ghana desire to change the narrative of its burdensome unemployment
issues, the 24-hour economy is one policy provides the solution to combat the
menace to high extent. In a broader spectrum, the policy in itself, ensures business
and services operate around the clock 24/7 through to 365 days (whole year).
Candidly, the 24-hour economy policy promotes the expansion of productive hour
to a 3-shift pattern other than the normal strait day 8hrs shift. This is to say, the
policy then provides the opportunity to recruit more hand to feel the vacuum.
2. Industrialization
Industrialization is the process of shifting a country’s economy from agriculture to
manufacturing. It involves the use of mechanized mass production to increase
productivity. Nevertheless, our approach as been demonstrated in this piece, is to
inclusively engage more in agriculture alongside industrialization and shift slightly
from the debilitating taxing or tariff imposition on the few industries available.
The following are some advantages towards industrialization:
i. Affordability of goods
By making goods more readily available, industrialization also makes them more
affordable. When the demand for a product is high, companies have the
responsibility of keeping up with it by producing an adequate supply.
ii. Availability of goods
Industrialization makes it easier for companies to manufacture products in bulk.
iii. Increased jobs
The increased use of machinery in manufacturing, creates an increased demand for
labour. When companies can make more products, they typically hire more
employees to help them meet their goals and their customers’ expectations. To this,
the following commendation are listed for deliberation:
a. Dormant manufacturing and production plant should be revived. Thus Komenda,
TOR, Bonsa Tyre factory, Pwualugu tomatoes processing plant, Zuarugu meat
factory among others should see some re-energizing to facilitate job availability
in the 24-hour economy regime.
.
b. Newer plants base on regional strength in natural resource availabilities e.g. like
establishing ginger processing factory at Oti region, mango and pear processing
at Logba (Volta region) in that manner. Its true H. E. promised some region to
this effect during his campaign.
Indeed, it was during the NDC administration that, the shoe and jute factories in the
Ashanti and eastern regions respectively were rejuvenated and some new factories
in the freezone enclave. It is very much certain Mr. President will do same this time
around.
3. Domestication
Domestication on the other hand as discussed in this report, is the strategic slant as
to how agro processing plants and manufacturing entities will base their production
and manufacturing locally to enhance job availability in the 24-hour economy. The
following provides tangible references to the localization of production: and
manufacturing:
• Like was considered earlier, domestication in this instance mean, we produce
what we consume and consume what we produce. Surplus will then be
exported probably through Ghana Export promotion council..
• Domestication is also applied here as, emancipating the Ghanaian economy
from over reliance on imported good.
• Domestication will uplift Ghana’s export level and will increase staffing level
across all sectors of production or manufacturing.
• It will a facelift of the Ghana export promotion council because, they will
largely be required to market our excess productions offshore.
• Domestication will grow Ghana’s economy and industrialization intent in
terms of GDP. It will aid maximize the exportation of agro products.
• Indeed, domestication wouldn’t be considered capricious but rather, a
sustainable strategy, that will positively drive and grow Ghana’s economy.
• Last but not the least, it is imperative to note that, domestication will bolster
the 24-hour Economy execution through the acceleration of industrialization
amidst domestication.
Economies like that of Ghana, needs implementable decisive decisions, like
domestication to rigorously change the status quo of our industrialization
architecture and create a sustainable and friendly working environment for its youths
or working class.
Article authored by:
Daniel Kofi Wuver – Sales & Marketing EXECUTIVE
EMBA – Marketing
Branch Secretary
Tema West Constituency
024-082-4365
Nb.
Stupendously, it is refreshing to note that, all the jurisdictions adduced or cited and
appraised eg. South Africa, US, Germany, UK etc., presented on the internet and
other knowledge-based sources to be at the fore front of this magnificent 24-hour
Economy initiative, are heavily industrialized. Hence, the cutting-edge call for our
mother land Ghana to re-strategize our industrialization plan so that, the resultant
can be felt in the growth of our economy.
