The Minority in Parliament, represented by Nana Agyei Baffour Awuah, Member of Parliament for Manhyia South and Vice Chairperson of the Subsidiary Legislation Committee, has stated that they will support a 24-hour economy policy, but only if it is well-structured, operationalized, and grounded in clear economic realities. Speaking on JoyNews Desk on Monday, May 25, Mr. Baffour Awuah expressed skepticism about the policy’s current form, calling it a slogan rather than a credible national economic program.
Context of the 24-Hour Economy Proposal
The concept of a 24-hour economy has been a significant talking point in recent political discourse, particularly in Ghana. Proponents suggest that extending business operations around the clock could significantly boost job creation and stimulate economic growth. The idea generally involves encouraging businesses to operate for longer hours, potentially through incentives or policy changes, to better serve the needs of the population and increase overall productivity.
However, the feasibility and practicality of such a widespread shift remain subjects of debate. Critics often point to the need for robust infrastructure, consistent demand, and a supportive regulatory environment to ensure the success of such an initiative. Without these foundational elements, the policy risks becoming an unfulfilled promise.
Minority’s Stance and Concerns
Mr. Baffour Awuah articulated the Minority’s position, emphasizing that their support is contingent on the policy moving beyond a mere slogan. “We will support the 24-hour economy if it exists. Why wouldn’t we support something that will create jobs for the ordinary Ghanaian? We will support it, but it is non-existent,” he stated.
He elaborated that the policy, as currently presented, lacks the necessary definition and practical implementation measures required to be considered a viable economic strategy. The Minority’s view is that a 24-hour economy should not be a standalone policy but rather a natural outcome of broader economic activity, driven by genuine demand and supply conditions.
“The 24-hour economy is consequential; it cannot be a main policy,” Mr. Baffour Awuah insisted. He argued that sustainable economic activity cannot be artificially created solely through political directives. Businesses, he explained, are fundamentally driven by market forces and economic realities, not just policy declarations.
Economic Realities vs. Political Slogans
A key concern raised by the MP is the practicality of sustaining round-the-clock business operations without sufficient market demand. He questioned how businesses could realistically operate 24/7 if there isn’t a consistent customer base or economic activity to support it.
Mr. Baffour Awuah also touched upon the political aspect of the proposal, suggesting that it might have been overstated for political gain. He believes that the Ghanaian electorate is politically discerning and capable of critically evaluating campaign promises, implying that the 24-hour economy concept might have been presented as a simplistic solution to complex economic challenges.
Data and Expert Perspectives
While Mr. Baffour Awuah’s comments represent the Minority’s perspective, broader economic analyses often highlight the conditions necessary for extended operating hours to be successful. Studies on the economic impact of extended business hours in various global contexts suggest that success is often linked to factors such as population density, tourism, and the specific nature of the industries involved. For instance, sectors like logistics, healthcare, and essential services are more naturally suited to 24-hour operations than retail or entertainment, which are more sensitive to consumer demand patterns.
Economic experts often emphasize that policies aimed at stimulating economic activity should focus on creating an enabling environment for businesses, including stable macroeconomic conditions, efficient infrastructure, and clear regulatory frameworks. These factors, rather than a direct policy mandating extended hours, are seen as the true drivers of economic growth and job creation.
Implications for the Economy and Citizens
The stance taken by the Minority highlights the ongoing debate about the best strategies for economic development. If the 24-hour economy policy is indeed implemented without adequate preparation and market-driven support, it could lead to inefficiencies and potential business failures.
Conversely, if the government can present a well-structured plan that addresses the practical challenges and aligns with economic realities, it could indeed unlock significant potential for job creation and economic activity. The focus will likely remain on whether the policy can evolve from a political slogan into a tangible and sustainable economic program that benefits ordinary Ghanaians.
Looking ahead, the key will be observing how the government responds to these criticisms and whether concrete, actionable plans are put forth to operationalize the 24-hour economy concept. The success of the policy will ultimately depend on its ability to align with economic fundamentals and demonstrate a clear path to sustained growth and employment.
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