The Centre for International Maritime Affairs, Ghana (CIMAG) has met the National Democratic Congress’s (NDC) proposal for a 24-hour economy with a cautious optimism. The organization acknowledged the concept as commendable but emphasized the necessity for strategic planning, investment, and robust partnerships between public and private sectors to actualize its potential. CIMAG’s officials, Mr. Albert Derrick Fiatui and Dr. David King Boison, articulated their belief that, with the appropriate policies, Ghana could transition towards being a prominent economic force in West Africa. They assert that the continuous business operations enabled by a 24-hour economy could significantly foster long-term growth and resilience critical for the country’s development.
Dr. Boison, serving as the Lead Consultant for Vanuatu Trade Commission-Ghana, underscored that Ghana’s economy has historically struggled with structural limitations, primarily characterized by a heavy reliance on the export of cocoa, gold, and oil. This dependency not only exposes the economy to global market volatility but also restricts growth potential and makes it susceptible to external shocks. The implementation of a 24-hour economy could serve as a strategic response to these challenges, as it offers the opportunity to alleviate existing unemployment and underemployment, particularly amongst the youth. In sectors like retail, hospitality, transportation, and manufacturing, a shift towards round-the-clock operations could generate thousands of jobs and promote economic diversification.
The positive effects of extending business operations into the night can also lead to enhanced productivity and better utilization of infrastructure. Dr. Boison pointed out that by spreading economic activities throughout the 24-hour cycle, Ghana could mitigate common challenges such as severe traffic congestion and improve the overall efficiency of its manufacturing processes. This model has the potential to encourage businesses to run multiple shifts, thereby increasing output and reducing production costs through economies of scale. Furthermore, the tourism and hospitality sectors stand to benefit as well, particularly in terms of managing energy more effectively by redistributing demand on the national grid.
Despite these promising prospects, Mr. Fiatui highlighted several preconditions essential for the successful implementation of a 24-hour economy in Ghana. A robust security framework is paramount to safeguard both businesses and individuals, especially during nighttime operations. Moreover, the existing infrastructure—spanning reliable transport systems, efficient power sources, and well-maintained roads—requires substantial enhancement to support a shift to non-traditional business hours. Mr. Fiatui pointed out the significant infrastructure challenges facing Ghana, notably in transportation and energy sectors, and recommended government investments in road upgrades and expanded public transport systems before making any transition.
Culture plays a vital role in this proposed shift towards a 24-hour economy as well. Mr. Fiatui articulated the need for a cultural transformation regarding work and leisure perceptions, stressing that the traditional 9-to-5 work structure is deeply embedded within Ghanaian society. Businesses may be hesitant to extend their operating hours due to concerns over profitability and public demand, while employees, concerned about their work-life balance, may also resist the idea of night shifts. To facilitate this cultural shift, businesses could consider providing incentives for night work, including higher wages or additional benefits. Public awareness campaigns might also serve a vital role in shifting societal attitudes towards accepting nighttime work and leisure as a normal aspect of everyday life.
Finally, adapting labor laws and regulations is crucial to the possibility of a 24-hour economy, as it necessitates considerable adjustments in the labor market, especially regarding night shifts. Mr. Fiatui reiterated that for the concept to succeed, Ghana needs a strategic plan, learning from successful global examples in cities renowned for their round-the-clock economies, such as New York, Dubai, and Johannesburg. By examining these case studies, Ghana could better understand the nuances of implementing a 24-hour economy while mitigating the associated challenges, thereby paving the way for a more resilient and robust economic future.
