President of the Ghana Union of Traders’ Associations (GUTA), Clement Boateng, has welcomed the signing into law of the 24-Hour Economy bill, describing it as a major boost for the private sector and the wider business community.

Speaking on Joy News Today on Friday, February 20, Mr Boateng said the legislation fulfills a key campaign pledge by the National Democratic Congress (NDC) government and signals a new phase in the country’s economic transformation drive.

“I think that we are all aware that this is a major flagship programme announced by the NDC government in their manifesto, and so when they assumed power, everybody was expecting that a major policy of this nature would be implemented as soon as possible,” he stated.

Mr Boateng noted, however, that the policy required careful preparation before it could be rolled out.

“But we should also not forget that for a policy of this nature, there is a lot of work that needs to be done; we have to talk about it, even the framework aspect of it, and then the legal implications,” he said.

According to him, the government took time to address the structural and legal considerations necessary for the smooth implementation of the initiative.

“I think they were doing all these things, and by God’s grace, they have finished, and then the president has also assented to it, so it has paved a way for its implementation,” he added.

Mr Boateng described the President’s assent to the bill as a positive development for businesses across the country.

“I think it’s good news for the private sector as well as the business community in general,” he said.

He expressed optimism that the policy would drive industrialisation and help reposition the economy for sustained growth.

“We think by paving a way for its implementation, it is then going to push the economic transformation and the industrialisation that we all desire as a country,” he noted.

The GUTA president further argued that the introduction of a multi-shift system under the 24-Hour Economy framework would generate sustainable employment opportunities.

“It will also create sustainable employment by introducing the multi-shift system, which is the three-shift system that we all aspire to achieve. It will also enhance productivity and promote economic growth,” he explained.

Mr Boateng added that increased industrial activity would ultimately boost government revenue through job creation and taxation.

“And then when we are able to set up factories as a way of industrialisation it will also enable the government to get more revenue by way of the jobs that it will create and also let the government get its revenue by way of taxes,” he said.

He urged stakeholders, including businesses and policymakers, to support the successful implementation of the policy.

“I think by and large it is good news, and then we all have to help to make sure this 24-Hour Economy is achievable,” Mr Boateng said.