Former President John Dramani Mahama says the 24-hour economy policy proposal will be anchored on his vision to create sustainable jobs for Ghanaians.
He said this could be achieved through his agenda to modernise and mechanise agriculture; provide incentives for the private sector to thrive; promote agro-processing and manufacturing; transform Ghana into an import substitution and export-led economy, among others.
This was contained in a document dubbed "John Mahama's 24- Hour Economy Policy Proposal."
The former President's proposal to run a 24-hour economy, if elected President in the 2024 general election, had already received endorsements by Dr John Kwakye of the Institute of Economic Affairs (IEA), Dr William Yaw Baah, the General Secretary of the Trades Union Congress, Dr Theo Acheampong, a political risk analyst and Professor Ransford Gyampo, a Senior Political Science Lecturer at the University of Ghana, Legon.
Mr Mahama who is the National Democratic Congress (NDC) flag bearer for the 2024 election had maintained that his 24-hour economy policy would be a major boost for import substitution and export drive.
This, President Mahama believes would stabilise our national currency, improve our reserves, bring down inflation and interest rates, create more employment opportunities and improve livelihoods.
Furthermore, President Mahama said the 24-hour economy would primarily, but not exclusively, focus on agro-processing, pharmaceutical industry, manufacturing industry, construction, extractive industry (mining and quarrying), and sanitation and waste management.
The other sectors include leisure and hospitality industry, digital start-ups and Business Process Outsourcing (BPO), financial services, retail centres, and transportation services.
Among other things, the former President is also seeking to increase efficiency and productivity of some selected public institutions with large customer traffic, such as Ports and Harbours, Customs, Passport Office, and the Driver Vehicle Licensing Authority (DVLA).
President Mahama said the next NDC administration would create an enabling environment for businesses and companies to operate 24/7 by providing an atmosphere of improved security and public safety, cheaper and reliable electricity for participating businesses based on a Time Of Use (TOU) tariff system, an electricity pricing structure where the price of electricity varies based on the time of day and day of the week power is consumed.
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In addition, the former President said companies that sign onto the 24-hour economy policy would be given modern smart meters which would be calibrated to charge a lesser tariff (per KW/h) for power consumed during off-peak hours.
The NDC blue print, President Mahama said would provide tax incentives to companies/businesses that subscribe to the 24-hour economy policy to reduce the cost of their operations and enhance their competitiveness and financing support for certain strategic agro-processing factories and manufacturing companies to boost production for import substitution and exports.
President Mahama said the next NDC administration would publish the strategic blueprint for the implementation of the 24-hour economy policy upon assuming office.
He said businesses and companies that wish to take advantage of the incentive packages under the policy, would be required to voluntarily sign onto the 24-hour economy policy, while companies that are already running 24/7 would automatically be captured under the policy and provided with the necessary incentives.
Aside that, President said a new Employment Act, which would among other things, set out the regulatory framework for the 24- hour economy, would be passed in consultation with organised Labour, Association of Ghana Industries (AGI) and other relevant stakeholders, adding that the Act would complement the existing Labour Act.
