Joe Jackson, Economist and Director of Operations at Dalex Finance, has criticized the proposed 24-hour economy that both former President John Dramani Mahama and the governing New Patriotic Party are pushing for Ghana.
He believes that no government can enforce a 24-hour economy on the people of Ghana. However, he urged the government to create a suitable environment and provide incentives to encourage entrepreneurs to participate in the 24-hour economy.
According to him, one cannot impose a 24-hour economy, but can only provide incentives to entrepreneurs, who would risk their capital and businesses to join in.
He said that if the market is there, someone will produce and sell fufu or chips at midnight. John Mahama, the flagbearer of the National Democratic Congress during the 2020 general elections, promised to introduce a 24-hour economy if elected and subsequently vowed to make such an initiative a reality.
Joe Jackson insisted that before implementing such a policy, there is a need for comprehensive market research and consideration of economic factors.
I apologize if I don’t seem overly enthusiastic about the proposal tonight. As a businessperson, I consider certain factors before investing, such as market demand, production costs, and the availability of necessary resources like raw materials and skilled labour.
As a government, your responsibility is to create a regulatory framework that ensures competitive pricing for necessary inputs, like electricity, and to guarantee their availability. I have no doubt that Ghanaian entrepreneurs would be eager to participate in such an environment.
I believe that Ghanaian SMEs are capable of working through the night, and with the right support, they can achieve great things. If the government can provide access to markets and competitive inputs, while also making financing available, then small businesses will be more than willing to participate.
Ultimately, it’s about creating a competitive environment that fosters the growth of SMEs.
