24-Hour economy or digital economy in 2024 elections: A Panacea to economic turbulence or a case of two lemons?

As Ghana prepares for the 2024 general elections, political parties are once again making ambitious promises to capture the votes of an increasingly discerning electorate. 

Among these promises, the idea of a 24-hour economy stands out as a bold vision aimed at revitalizing Ghana’s struggling economy. 

However, while the potential benefits of such a transformation are substantial, the feasibility and long-term impact of this promise require careful examination, especially in comparison to the digital economy proposals put forth by other political contenders.

The vision of a 24-hour economy

The concept of a 24-hour economy is rooted in the idea that extending business operations, public services, and social activities around the clock can significantly boost economic productivity. 

By keeping the wheels of the economy turning at all times, proponents argue that Ghana could increase its GDP, create jobs, and better integrate into the global market.

For businesses, a 24-hour economy could mean expanded operating hours, increased production, and greater flexibility in meeting the demands of both local and international markets. 

Retail, manufacturing, and service industries could all benefit from the extended hours, potentially leading to higher revenues and more job opportunities. 

The tourism and entertainment sectors, in particular, could thrive in a 24-hour economy, attracting more visitors and boosting the local economy.

Moreover, for the citizenry, a 24-hour economy could offer greater convenience and access to services, improving the quality of life. 

Public transportation, healthcare, and essential services could be available around the clock, catering to the needs of those who work non-traditional hours or live in areas with limited access to services.

The challenges and risks

However, the implementation of a 24-hour economy is fraught with challenges. 

The most immediate concern is the need for substantial investment in infrastructure, security, and energy supply. Extending operating hours requires reliable electricity, enhanced security measures to ensure public safety, and improved transportation networks to support round-the-clock movement.

Additionally, the social implications of a 24-hour economy cannot be ignored. 

The disruption of traditional work-life balances, increased stress on workers, and potential health impacts from irregular hours are significant concerns.

There is also the risk that the benefits of a 24-hour economy could be unevenly distributed, with urban areas reaping the rewards while rural regions continue to lag.

Politically, the promise of a 24-hour economy could be seen as an attractive vote-winning strategy, but its practical implementation would require strong political will, cross-party support, and a clear roadmap to address the associated challenges.

The vision of a digital economy

In contrast, the digital economy focuses on integrating digital technologies into every aspect of economic activity. This vision emphasizes innovation, efficiency, and global competitiveness, with the potential to transform Ghana into a leader in the African digital landscape.

For businesses, a digital economy offers opportunities to expand their reach beyond local markets, tap into global demand, and optimize their operations. 

Digital technologies such as e-commerce platforms, fintech solutions, and blockchain could revolutionize business practices, making them more competitive and resilient.

For the citizenry, the digital economy could democratize access to services, information, and opportunities. 

Digital literacy programs, online education, and telemedicine could empower individuals, particularly those in underserved areas, to improve their quality of life. 

Moreover, digital financial services could enhance financial inclusion, enabling more people to participate in the formal economy.

The challenges and risks of a digital economy

Despite its potential, the digital economy also faces significant challenges. 

The digital divide remains a major barrier, with many Ghanaians lacking access to reliable internet, digital devices, and the skills needed to participate in a digital economy. 

Addressing these gaps requires substantial investment in infrastructure, education, and cybersecurity.

Additionally, the rapid pace of digital transformation could lead to job displacement in traditional industries. 

While new jobs will emerge, there is a risk that workers in sectors like agriculture and manufacturing could be left behind if they are not reskilled for the digital era.

Politically, the promise of a digital economy is appealing, but its success hinges on the government’s ability to create an enabling environment for digital innovation, including regulatory frameworks, investment in digital infrastructure, and public-private partnerships.

A fair blend: The path forward for Ghana

While both the 24-hour economy and digital economy promises offer distinct benefits, a fair blend of the two could provide a more comprehensive solution to Ghana’s economic and social challenges. 

By integrating digital technologies into a 24-hour economic framework, Ghana could maximize productivity, enhance social inclusion, and create a more resilient economy.

For instance, digital platforms could support the 24-hour economy by enabling businesses to operate more efficiently, providing round-the-clock access to services, and facilitating the flow of goods and information. 

Conversely, the 24-hour economy could create new opportunities for digital innovation, driving demand for digital services and products.

This integrated approach would also require addressing the unique challenges of each promise. Ensuring that the benefits of a 24-hour economy reach rural areas, and that the digital economy does not exacerbate inequalities, will be critical to achieving a balanced and sustainable outcome.

For the citizenry, this blend could mean greater access to opportunities, services, and a better quality of life. 

For businesses, it could offer a more competitive and dynamic environment. Politically, it could provide a roadmap for stability and growth, addressing both the immediate and long-term needs of the nation.

Conclusion

As Ghana heads into the 2024 elections, the choice between a 24-hour economy and a digital economy need not be a binary one. 

By embracing a blended approach, Ghana could chart a path toward a more prosperous, inclusive, and resilient future. 

Balancing the strengths of both promises offers a strategic way to address the economic, social, and political challenges that the country faces, ensuring that all Ghanaians can share in the benefits of a modern, dynamic economy.

sammylaatey@yahoo.com