General Secretary of the opposition National Democratic Congress (NDC), Fifi Fiavi Kwetey, has noted that the 24-hour economy policy announced by former president John Dramani Mahama is a transformative initiative.
He explained that the policy aims to address Ghana’s increasing unemployment crisis and reshape its economic landscape.
The chief scribe of the umbrella family said the policy will resolve the crisis. In his view, this transformative approach aims to not only reduce current unemployment figures but also to revolutionize Ghana’s economic landscape.
The 24-economy initiative envisions a strong partnership between the public and private sectors to maximize the potential of the country’s human resources, he said. By creating a work environment that operates beyond traditional business hours, Ghana can enhance its capacity utilization, achieve greater economies of scale and scope, and align its industrial operations with the global economy, he added.
He went on to state that the policy represents a commitment to fostering a thriving, round-the-clock economic culture that meets the needs of every sector and empowers every Ghanaian to reach their full potential.
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Continuing our conversation on the 24-hour economy, the recent Annual Household Income and Expenditure Survey for Ghana paints a stark reality: unemployment rates have surged to 14.7 percent in the first three quarters of 2023. Particularly concerning is the rise in jobless youth, with those aged between 15 and 35 increasing from approximately 1.2 million to over 1.3 million.
This critical issue, exacerbated for females where the unemployment rate surpasses that of males, underscores the urgent need for a radical change in our approach to job creation and economic empowerment. In response, H.E. John Mahama proposes a dynamic shift with the 24-hour economy policy.
This strategy isn’t merely aimed at reducing current unemployment figures but at fundamentally revolutionizing the fabric of our national economy. The implementation of this policy stands to be a cornerstone of national progress, envisioning a robust partnership between the public and private sectors to unlock the full potential of our human resources.
By fostering a work environment that thrives beyond traditional business hours, we can achieve greater economies of scale and scope, enhance capacity utilization, and align our industrial operations with the incessant pace of the global economy.
Crucial to the success of the 24-hour economy is a commitment to effective policy development, resource allocation, and leadership that understands the nuances of a nocturnal economy. This policy isn’t merely a campaign promise; it’s a pledge to foster a thriving, round-the-clock economic culture, ensuring that every sector’s needs are met and that every Ghanaian’s potential is realized.
The H.E. John Mahama and the NDC envision a Ghana where the constraint of time no longer hinders the daily lives of Ghanaians. Let’s embrace this vision for a future where progress is uninterrupted, and opportunities are boundless. #Together4Change2024 #24HourEconomy
