Accra, Ghana — During the vetting of the Minister of Finance nominee, Afenyo-Markin raised questions regarding the implementation of a 24-hour economy, seeking clarification on its meaning and relevance for the ordinary Ghanaian.
Afenyo-Markin began by asking the nominee to explain the concept of a 24-hour economy in simple terms. In response, Ato Forson outlined the idea, emphasizing its focus on the continuous operation of the country’s real sectors such as mining, hydrocarbons, and agriculture. He stressed that the concept seeks to maximize productivity by preventing these sectors from being restricted to specific hours of operation.
Forson explained that this model could drive significant economic growth by creating more job opportunities, with one job in the expanded sectors potentially leading to the creation of three additional jobs. He added that the resulting increased workforce would boost food production, enhance trade, and lead to a more inclusive economy.
However, Afenyo-Markin pressed further, questioning whether Ghana's current economic structure lacks a 24-hour economy component. He noted that certain sectors, such as hospitals, police stations, and restaurants, already operate around the clock.
In response, Ato Forson clarified that while some services operate 24/7, his focus was on the real sectors that drive economic growth and job creation. He argued that expanding operational hours in industries like mining and agriculture would significantly benefit the economy. Forson used the Takoradi Port as an example, highlighting its potential to stimulate trade and generate employment if operational hours were extended.
The exchange underscored the importance of structural reforms in key sectors to enhance productivity and foster sustainable economic development. The discussion will likely contribute to ongoing deliberations about Ghana’s economic strategy and its potential shift toward a 24-hour economy.
0 Comments