A closer look at how Ghana’s push toward a 24-hour economy could reshape jobs, public safety, and business growth while raising challenges nationwide.
This research-style report delves into the concept of a 24-hour economy, as proposed by former President and 2024 flag bearer of the National Democratic Congress (NDC), John Dramani Mahama, in the context of Ghana.
The article examines the potential advantages and disadvantages of implementing a 24-hour economy and assesses its feasibility in the Ghanaian economic landscape. It also highlights the potential benefits for the Ghanaian working population.
Introduction
The idea of a 24-hour economy, where businesses and services operate around the clock, is not a new concept in the global arena. However, John Dramani Mahama’s proposal to introduce this concept in Ghana raises essential questions about its viability and implications for the nation’s economy. This report aims to comprehensively analyze the 24-hour economy concept, focusing on its pros and cons and evaluating its feasibility in the Ghanaian context.
What is a 24-hour Economy?
A 24-hour economy refers to an economic model that aims to maximize productivity by enabling business and commerce to operate around the clock without pause, day and night. It involves implementing strategic infrastructure upgrades that allow for reliable electricity, upgraded transportation networks, widespread digital connectivity and enhanced security. This round-the-clock framework seeks to boost competitiveness by reducing operational downtime and inefficiency. It also aims to improve access to services and create new jobs by facilitating two daily shifts.
Pros of a 24-Hour Economy:
- Increased Economic Activity: Extending business hours can boost economic activity. A study by the McKinsey Global Institute found that a 24-hour economy can increase GDP and productivity by making better use of existing resources and infrastructure (McKinsey Global Institute, 2016).
- Job Creation: Implementing a 24-hour economy can lead to job creation. For instance, London, UK, witnessed significant employment growth in hospitality, healthcare, and logistics due to extended operating hours (Centre for London, 2018).
- Enhanced Convenience: A 24-hour economy offers greater convenience for consumers. In the United States, the availability of 24-hour grocery stores, pharmacies, and online services has improved citizens’ overall quality of life. (National Retail Federation, 2021).
Cons of a 24-Hour Economy:
- Higher Operating Costs: Operating 24/7 can lead to increased costs for businesses. An article in the Harvard Business Review points out that extended hours can require higher energy usage, increased labour costs for shift workers, and more significant expenses for security measures (Harvard Business Review, 2018).
- Impact on Health and Well-being: Irregular working hours can negatively affect the health and well-being of employees. Research from the World Health Organization (WHO) highlights that shift work can disrupt sleep patterns, leading to health issues such as sleep disorders and increased risk of chronic diseases (WHO, 2021).
- Safety Concerns: Extended hours of operation can pose safety concerns. For example, a study conducted by the Institute for Work & Health in Canada found that extended hours in the service industry were associated with an increased risk of workplace injuries and accidents (Institute for Work & Health, 2020).
24-Hour Economy Feasibility in Ghana
The feasibility of introducing a 24-hour economy in Ghana hinges on several critical factors.
Firstly, the need for substantial infrastructure development cannot be overstated. Examining examples from various countries, such as the Netherlands, where the Port of Rotterdam operates round the clock, showcases the importance of robust infrastructure. Ghana would need a reliable power supply, efficient transportation networks, and heightened security measures to ensure the smooth functioning of businesses at all hours, similar to how the Dutch infrastructure supports their maritime and logistics sector.
Secondly, developing a regulatory framework is paramount to safeguard the rights and well-being of workers and maintain security. Singapore’s experience is instructive, with its stringent labour laws ensuring adequate rest periods for employees engaged in shift work. A similar framework in Ghana would be essential to address potential health and safety issues associated with irregular working hours, as evidenced by the positive outcomes in countries like Singapore.
A 24-hour economy in Ghana holds immense potential for the tourism sector. Visitors could enjoy various activities and attractions anytime, appealing to leisure and business travellers. This adaptability could enhance Ghana’s allure as a tourist destination, contributing to economic growth.
The logistics industry would thrive in a 24-hour economy due to the ability to transport goods and services around the clock, positioning Ghana as a more attractive hub for international trade and commerce. This strategic advantage could bolster the country’s economic standing and contribute to its emergence as a critical player in the global logistics landscape.
Furthermore, the hospitality industry stands to gain significantly. With a 24-hour economy, travellers would have more accommodation, dining, and entertainment options. This increased flexibility could elevate Ghana’s competitiveness on the global tourism stage, attracting international visitors seeking diverse and round-the-clock amenities.
Lastly, assessing public buy-in and adaptability is crucial. South Korea provides a compelling case study of a gradual shift in lifestyle and working habits as the country transitioned into a 24-hour economy. In Ghana, understanding and fostering public acceptance is vital, as it requires changing societal norms and habits to fully embrace a 24-hour economy. Hence, the feasibility of this concept in Ghana would greatly depend on the government’s commitment, in conjunction with these factors, as indicated by South Korea’s successful transformation into a bustling, 24-hour nation.
Conclusion
In conclusion, a 24-hour economy in Ghana presents a transformative vision with multifaceted advantages. Economically, it promises increased productivity, job creation and heightened competitiveness on the global stage. The potential benefits for key sectors such as tourism, hospitality, and logistics underscore its capacity to reshape Ghana’s economic landscape.
The tourism sector can flourish by offering visitors diverse attractions and catering to their needs at any time. Simultaneously, the hospitality industry stands to become a more competitive global destination with round-the-clock amenities.
Furthermore, the logistics sector could elevate Ghana’s position as an international trade hub. However, the success of this ambitious initiative hinges on careful consideration of the associated challenges and comprehensive planning, including robust infrastructure development and a supportive regulatory framework.
If executed effectively, a 24-hour economy could usher in a new era of prosperity, employment, and global competitiveness for Ghana.
