Some business associations have indicated that they are ready for John Mahama’s proposed 24 Hour economic policy if businesses will be incentivized and the necessary structures are instituted.

The views were jointly expressed by the Chief Executive of the Chamber of Bulk Oil Distributors Dr. Kweku Ofori and the Chief Executive of the Ghana National Chamber of Commerce and Industry, Mark Badu-Aboagye on PM EXPRESS BUSINESS EDITION with host George Wiafe on December 19, 2024.

Dr. Ofori noted, that businesses will embrace the policy if government is able to institute the necessary structures to make it easier for private sector operators.

He pointed out that the policy could help reduce demurrage for importers clearing goods at the ports.

“If Bulk Oil Distribution firms can clear their stocks at the ports within 24 hours, that will actually reduce the cost for some of these companies, based on the charges that they would have paid for delayed clearance”, he said.
Dr. Ofori said the incoming Mahama government must commit to putting in place the required structures.

“Another thing that we should not forget is the security needed for this programme to be successful”, he added.

On his part, Mr. Badu-Aboagye noted that with the right structures in place industries and manufacturing firms will definitely sign up for the programme . He rejected arguments that the 24-hour economy should be market driven since most of the manufacturing firms are not ready for this policy.

He stated that most manufacturing firms have what it takes to meet the market needs.

 “The market is there for the 24 Hour Economy. But we should also create the right environment that will support a lot of businesses out there”.  

Background

The National Democratic Congress has proposed the 24 Hour Economy policy to help turn around the economy and create the required

According President-elect, John Mahama the policy would help turn around the economy and create the needed jobs for Ghanaians.

According to the NDC, 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.