Economist Professor Patrick Asuming has called on the government to provide a comprehensive roadmap for its 24-hour economy policy, aimed at reducing Ghana’s unemployment rate from 14.7% to below 5% by 2034.
In response to President John Mahama’s assertion that the 24-hour economy initiative will significantly lower unemployment, Prof. Asuming emphasized the necessity for detailed planning.
He stated, “While the objective is commendable, achieving such a reduction requires more than just declarations; it demands a clear strategy outlining how these targets will be met.”
Prof. Asuming highlighted the importance of understanding the labor market dynamics, including the annual number of graduates entering the workforce and the current employment landscape.
He questioned, “What percentage of the unemployment reduction will come from government services operating additional shifts? What is the plan for industrialization and entrepreneurship to absorb the labor force?”
The 24-hour economy policy, as outlined in the National Democratic Congress’s (NDC) 2024 manifesto, aims to create 1.7 million new jobs over the next four years by encouraging businesses to operate around the clock.
The strategy focuses on sectors such as agro-processing, manufacturing, digital services, and transportation, with incentives like tax breaks and reliable power supply during off-peak hours .
President Mahama has acknowledged the need for adjustments in labor and power legislation to support the policy’s implementation, noting “There are a few things to tweak, especially on the 24-hour economy in terms of labor and power legislation. We want to be sure we are optimizing the value chain opportunities in targeted sectors”
As the government prepares to roll out the 24-hour economy policy, critics like Prof. Asuming stress the importance of a detailed and transparent plan to ensure its success in reducing unemployment and transforming Ghana’s economic landscape.
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Source: Comfort Sweety Hayford/ATLFMNEWS
