An economist, Dr. Wolarnyo Mensah, has dismissed the concept of a 24-hour economy as proposed by President John Dramani Mahama, arguing that such an economy does not exist anywhere in the world.
His comments come ahead of the official launch of Mr. Mahama’s flagship 24-hour economy initiative, scheduled for July 1. The president has said the policy aims to boost productivity and create more employment opportunities in Ghana.
Speaking in an exclusive interview on Happy 98.9 FM’s Epa Hoa Daben show with Reynolds Agyemang on Friday, June 13, Dr. Mensah described the initiative as a political gimmick by the ruling National Democratic Congress (NDC) intended to gain favor.
He explained that businesses naturally operate for longer hours when there is increased market demand. According to him, in such situations, industries extend their working hours, day and night not because of a government directive, but due to economic necessity.
“I said over and over and over that, there is no policy in the world called 24 hour economy. 24 hour economy that we are hearing is simply a reaction of an industrial economy, so once you industrialize and you’re able to produce to meet your market demands and also produce for other economies, definitely you need more time to work,” he said.
Dr. Mensah argued that this phenomenon is not unique and should not be touted as a groundbreaking policy. He argued that labeling this natural business practice as a government initiative lacks merit and is merely political rhetoric.
“There is no accurate time, there is no time ever in the history of the world that a 24-hour economy starts. It is when you are producing, perhaps this is psychological words and they are political gimmicks,” he added.
Story By: Nana Antwi Boasiako
