Municipal and District Chief Executives (MCEs and DCEs) in Ghana’s Oti Region have signed contracts to implement the 24-Hour Economy Markets Project, marking a significant step in operationalizing a national policy designed to boost productivity and create jobs.
The 24-Hour Economy initiative is a flagship government policy aimed at transforming Ghana from an import-dependent, eight-hour work culture to a 24/7, production-led, and export-oriented economy. Officially launched to enhance national productivity, the policy targets the creation of over 1.7 million jobs by 2026 and aims to stabilize the national currency.
Under this framework, businesses and selected public institutions are encouraged to adopt a three-shift system, with each shift lasting eight hours, to sustain round-the-clock operations. This shift is intended to move the country towards a more robust and continuous economic activity.
The signing of these contracts with the region’s Municipal and District Assemblies (MDAs) is a direct effort to translate electoral promises into tangible community benefits, according to Oti Regional Minister John Kwadwo Gyapong. He emphasized that this action aligns with commitments made during the 2024 election campaign.
Minister Gyapong stressed the importance of accountability, cautioning contractors to fulfill their obligations diligently and adhere to agreed-upon timelines. He also called upon the MCEs, DCEs, and their respective assemblies to provide robust supervision and monitoring.
This oversight is crucial to ensure project efficiency, the delivery of quality infrastructure, and timely completion, thereby maximizing the impact of the 24-hour economy policy at the local level. The regional administration views this as a critical phase in the policy’s rollout.
Representing the local leadership, the Dean of MMDAs in the Oti Region, Prosper Addo, alongside other MCEs and DCEs, expressed enthusiasm for the initiative. They described the project as a potential turning point for development across the region, anticipating significant socio-economic advancements.
The MDCEs highlighted that the completed projects are expected to invigorate local economies, expand trading opportunities, particularly for market women, and ultimately improve the livelihoods of residents. This localized approach aims to ensure the benefits of the 24-hour economy are felt directly within communities.
The contract signing is set to accelerate preparatory work in the selected districts. Stakeholders are now focused on positioning local markets to effectively leverage the benefits of extended operating hours, enhanced infrastructure, and increased commercial activity envisioned by the 24-hour economy policy.
The implementation phase will involve upgrading market facilities, potentially extending power and security services, and fostering an environment conducive to businesses operating beyond traditional working hours. This infrastructure development is key to enabling the three-shift system.
Data from similar initiatives in other regions, though not detailed here, often points to increased revenue for local governments and improved income for traders when market infrastructure is modernized and operating hours are extended. The Oti Region anticipates similar positive outcomes.
The success of the 24-Hour Economy Markets Project in Oti will likely depend on effective collaboration between government agencies, private contractors, and local businesses. The commitment to strong supervision and monitoring by the MDCEs will be a critical factor in achieving the project’s objectives.
As the contracts are signed and work commences, the focus will shift to the actual execution of the market upgrades and the subsequent adoption of extended operating hours by traders and businesses. The coming months will reveal the pace of progress and the initial impact on local commerce.
The broader implications for Ghana’s economy are substantial, with the potential for reduced unemployment, increased export earnings, and a more resilient economic structure. The Oti Region’s engagement is a vital test case for the scalability of this policy across diverse geographical and economic contexts within the country.
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