The Director of the Institute of Statistical, Social, and Economic Research (ISSER), Dr. Peter Quartey, has expressed optimism that former President John Mahama's 24-hour economy policy could address the country’s economic challenges.

In an interview on Joy FM's Midday News on Friday, December 8, he highlighted the importance of a detailed implementation plan for the policy.

“I think what we need is a detailed implementation plan of the policy. A document that is going to cover it," he said.

Dr Quartey noted that the 24-hour economy is already in force in some sectors. However, he stated that it cannot be compared to the scale found in other jurisdictions, such as the United States of America.

“If you go to the health sector, the police, transport, among others operate in the 24-hour economy. The chop bar operators around Circle and many other places are doing the same,” he said.

According to him, if this policy is to be extended to other sectors, then, “We need to develop a legal framework that has to develop our infrastructure.”

Meanwhile, former President John Mahama has promised to implement the policy should he be re-elected into office, has stated that the party’s proposal to create a conducive atmosphere for a 24-hour economy to thrive is a well-thought-through idea.

He pledged that the next NDC administration will pursue projects and programmes to transform Ghana into a fully-fledged 24-hour economy by optimising available resources.

He said the 24-hour economy forms part of the NDC's vision to build 'the Ghana we want' and will be premised on building an industrialised, inclusive, and resilient economy that creates well-paying jobs, creating an equitable, healthy, and prosperous nation, developing well-planned, safe communities while protecting the natural environment, building effective, efficient, and dynamic institutions for national development; and strengthening Ghana's role in African and international affairs.

“The 24-hour economy may have finally resonated with Ghanaians. It may be classified as an idea whose time has come due to Ghana's self-inflicted economic crisis today because the 24-hour economy initiative was well thought-through and captured on page 105 of the NDC’s 2020 People’s Manifesto.”

In explaining fully how the policy will work, Mr Mahama said it would be critical to dealing with the triple problems of a financial crisis, severe unemployment, and unprecedented levels of corruption that threaten the stability of Ghana’s democracy.

“Without an economic revamp, we cannot hope to make any mark in our massive unemployment crisis, which is leading many of our young people down the road of despair. Research shows that unemployment, unavailability of jobs, poverty, high cost and poor living conditions are issues of grave concern to many Ghanaians.

“I remain optimistic about the Mahama 24-hour economy initiative. In a rapidly advancing global economy, in which countries worldwide are gradually drifting and adopting 24-hour economies to remain competitive and attract investments – Ghana cannot be left out."