Frequently Asked Questions on John Mahama’s 24-hour Economy Strategy

Frequently Asked Questions on John Mahama’s 24-hour Economy Strategy

The National Democratic Congress (NDC) as part of making the masses grasp the 24-hour economy strategy, they have put out a set of Frequently Asked Questions (FAQs) on John Mahama’s 24-hour Economy strategy for clearer understanding.

The Frequently Asked Questions has the appropriate responses making its understanding very simple.

Below is the Frequently Asked Questions (FAQs) with their response and a conclusion:

Q1: WHAT IS THE 24-HOUR ECONOMY ALL ABOUT?

The 24-hour Economy will be a deliberate policy intervention by the next NDC/Mahama government to encourage and support certain businesses and companies to operate 24/7, preferably in a three-shift system of 8 hours each, by creating an enabling environment that promotes productivity, competitiveness, and well-paying jobs.

Q2: WHAT WILL BE THE MAIN DRIVER OF MAHAMA’S 24-HOUR ECONOMY STRATEGY

– The 24-hour Economy will be mainly anchored on Mahama’s overarching vision to create sustainable jobs for Ghanaians. This will be achieved through his agenda to: modernize and mechanize agriculture; provide incentives for the private sector to thrive; promote agro-processing and manufacturing; transform Ghana into an import substitution and export-led economy, among others.
– The 24-hour economy policy will be a major boost for John Mahama’s import substitution and export drive. This will stabilize our national currency, improve our reserves, bring down inflation and interest rates, create more employment opportunities, and improve livelihoods.

Q3: WHICH INDUSTRIES WILL THE 24-HOUR ECONOMY STRATEGY FOCUS ON?

The 24-hour economy strategy will primarily, but not exclusively, focus on:
1. 24-hour Agro-processing
2. 24-hour Pharmaceutical industry
3. 24-hour Manufacturing industry
4. 24-hour Construction
5. 24-hour Extractive industry (mining and quarrying)
6. 24-hour Sanitation and waste management
7. 24-hour Leisure and hospitality industry
8. 24-hour Digital start-ups and Business Process Outsourcing (BPO)
9. 24-hour Financial services
10. 24-hour Retail centers & modern markets
11. 24-hour Transportation services
12. Also, selected public institutions with large customer traffic such as Ports and Harbors, Customs, Passport Office, DVLA, among others will be part of the 24-hour economy.
13. The 24-hour economy will also be implemented within the context of other national development initiatives, such as education and training, health services, agriculture, the provision of affordable housing for workers, efficient public transport, efficient justice delivery, among others. It is all part of an ambitious drive by the NDC/ Mahama administration to take Ghana to the next level in the global economy. There will be no limit to the sectors the 24-hour economy initiative will target.

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Q4: WHAT KIND OF SUPPORT WILL BE GIVEN TO THESE BUSINESSES AND COMPANIES BY GOVERNMENT IN ORDER FOR THEM TO OPERATE 24/7?

The next NDC/Mahama government will create an enabling environment for businesses and companies to operate 24/7 by:
i. Providing an atmosphere of improved security and public safety. This will include a well-regulated and monitored private security architecture to facilitate round-the-clock activities.
ii. Providing cheaper and reliable electricity for participating businesses based on a Time Of Use (TOU) tariff system.
– A Time of Use (TOU) tariff is an electricity pricing structure where the price of electricity varies based on the time of day and day of the week power is consumed.
– Companies that sign unto the 24-hour economy policy will be given modern smart meters which will be calibrated to charge a lesser tariff (per KW/h) for power consumed during off-peak hours.
iii. Tax Incentives: companies/businesses that subscribe to the 24-hour Economy policy will be given tax incentives to reduce the cost of their operations and enhance their competitiveness.
iv. Financing support will be provided for certain strategic agro-processing factories and manufacturing companies to boost production for import substitution and exports.
v. We will improve infrastructure, lighting, and security at entertainment districts such as the Osu Oxford Street, Abeka LaPaz, East Legon Lagos Avenue, etc., to allow operations throughout the night.

Q5: WHAT WILL BE THE IMPLEMENTATION APPROACH OF THE 24-HOUR ECONOMY STRATEGY?

– The next NDC/Mahama government will publish the blueprint for the implementation of the 24-hour economy strategy upon assuming office.
– Businesses and companies that wish to take advantage of the incentive packages under the policy, will be required to voluntarily sign onto the 24-hour economy policy.
– Companies that are already running 24/7 will automatically be captured under the policy and provided with the necessary incentives.
– A new Employment Act, which will among other things, set out the regulatory framework for the 24-hour economy, will be passed in consultation with organized Labour, AGI, and other relevant stakeholders. The Act will complement the existing Labour Act.
We shall consciously promote discipline and efficiency in the already existing 8-hour work schedule in public institutions and in new additional work shifts by introducing appropriate measures to root out practices that militate against efficiency and productivity in the public sector.

Q6: HOW WILL THE 24-HOUR ECONOMY STRATEGY ADDRESS THE ISSUE OF WORKFORCE AND LABOUR?

The 24-hour economy strategy will address the issue of workforce and labour in the following ways:
– We will work with the Trades Union Congress (TUC) and other labour unions to ensure that workers’ rights are protected and that they benefit from the 24-hour economy.
– We will ensure that workers are adequately compensated for their services and that their working conditions are safe and healthy.
– We will also work with the private sector to provide training and capacity-building programs for workers to enable them to adapt to the 24-hour economy.
– We will also establish a Labour Market Information System to provide data and information on labour market trends and skills requirements to inform training and education programs.

Q7: HOW WILL THE 24-HOUR ECONOMY STRATEGY ADDRESS THE ISSUE OF INFRASTRUCTURE?

The 24-hour economy strategy will address the issue of infrastructure in the following ways:
– We will invest in the expansion and modernization of our transportation infrastructure, including roads, railways, airports, and seaports.
– We will also invest in the expansion and modernization of our energy infrastructure, including power generation, transmission, and distribution.
– We will also invest in the expansion and modernization of our water and sanitation infrastructure.
– We will also invest in the development of modern and efficient public transportation systems.

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Q8: HOW WILL THE 24-HOUR ECONOMY STRATEGY ADDRESS THE ISSUE OF SECURITY?

The 24-hour economy strategy will address the issue of security in the following ways:
– We will work with the security agencies to ensure that they are adequately equipped and resourced to provide effective security for the 24-hour economy.
– We will also work with the private sector to provide security services and solutions for businesses and companies operating 24/7.
– We will also establish a National Security Task Force to coordinate and monitor security arrangements for the 24-hour economy.

Q9: HOW WILL THE 24-HOUR ECONOMY STRATEGY ADDRESS THE ISSUE OF ENVIRONMENTAL IMPACT?

The 24-hour economy strategy will address the issue of environmental impact in the following ways:
– We will work with the Environmental Protection Agency (EPA) and other stakeholders to ensure that the 24-hour economy is implemented in an environmentally-friendly manner.
– We will also work with the private sector to promote the use of renewable energy sources and reduce carbon emissions.
– We will also establish an Environmental Monitoring and Enforcement Unit to monitor and enforce environmental regulations and standards.

Q10: HOW WILL THE 24-HOUR ECONOMY STRATEGY ADDRESS THE ISSUE OF SOCIAL IMPACT?

The 24-hour economy strategy will address the issue of social impact in the following ways:
– We will work with civil society organizations and other stakeholders to ensure that the 24-hour economy benefits all Ghanaians, regardless of their social status or location.
– We will also work with the private sector to promote corporate social responsibility and community development initiatives.
– We will also establish a Social Impact Assessment Unit to monitor and evaluate the social impact of the 24-hour economy.

Q11: HOW WILL THE 24-HOUR ECONOMY STRATEGY ADDRESS THE ISSUE OF TECHNOLOGY AND INNOVATION?

The 24-hour economy strategy will address the issue of technology and innovation in the following ways:
– We will work with the private sector to promote the development and use of technology and innovation in the 24-hour economy.
– We will also establish a Technology and Innovation Hub to provide support and resources for start-ups and entrepreneurs.
– We will also work with the academic and research institutions to promote research and development in areas relevant to the 24-hour economy.

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Q12: HOW WILL THE 24-HOUR ECONOMY STRATEGY BE FINANCED?

The 24-hour economy strategy will be financed through a combination of public and private sector funding. The government will provide funding for the implementation of the strategy, while the private sector will be encouraged to invest in the development of infrastructure and the provision of services.

CONCLUSION

The 24-hour economy strategy is a comprehensive and integrated approach to promoting economic growth and development in Ghana. It is designed to create a conducive business environment, promote investment and job creation, and improve the quality of life for all Ghanaians. The strategy will be implemented through a combination of public and private sector initiatives, and will be monitored and evaluated regularly to ensure its success.

SOURCE: Coverghana.com.gh