We can't achieve much with 24-hour economy — ISSER

The Director of the Institute of Statistical, Social and Economic Research (ISSER), Prof Peter Quartey, has called for the integration of the proposed 24-economy initiative into Ghana’s long term development plan.

The economic expert explained that although a good initiative, unfortunately the country may not be able to achieve anything significant with it in the short term.

He said implementing a 24-hour economy initiative required a solid foundation of essential infrastructure, including reliable energy (power) and robust security measures.

Unfortunately, he said these critical components were currently lacking, necessitating a significant investment of time and resources to develop them.

Demand

Speaking at the launch of the State of the Ghanaian Economy Report (SGER) 2023 and a review of the third quarter, 2024 economic performance in Accra on Tuesday [October 29, 2024], the director stated that there was no demand for factories in the country to increase capacity by 100 per cent as part of the 24-hour economy initiative.

“The 24-hour economy is a good thing but unfortunately, we may not be able to achieve anything with it. If all the factories were to produce 24-hours or increase their demand by 50 per cent or 100 per cent is there demand for the product?

"So, I think, in my view, not to discourage anybody's political ambition, but to say that this is a medium to long term policy. I do not think it can really kick in. We cannot achieve much with this 24-hour thing. It is a good idea, but we need to put in some structures," he said.

Manifestos

The director said political parties were focused on developing short term measures in their manifestos instead of developing a long-term plan to guide the country’s development.

“These days, we are fond of manifestos, short term strategies. We do not have a development plan. So, everyone comes then they want to change this, or that in an experimental manner.

“We need a long-term development plan, and then all of these things can fit in nicely,” he added.

24-hour economy

The 24-hour economy initiative is a flagship campaign promise of the opposition National Democratic Congress (NDC) in the runup to the 2024 general elections.

According to the NDC, the initiative seeks to provide an opportunity to unlock the country's full potential.

A 24-hour economy is a system where businesses and services operate beyond traditional daytime hours, making them available in the evenings, night-time and early morning.

This allows for increased flexibility in accessing goods and services and creates more job opportunities, especially for individuals who prefer or are available to work during non-traditional hours.