The Member of Parliament for Ofoase-Ayirebi, Kojo Oppong Nkrumah, has stated that while Ghana’s proposed 24-hour economy is feasible, its success depends on the presence of effective consumer demand.
The 24-hour economy, a flagship policy of the John Dramani Mahama administration, aims to encourage businesses to operate round the clock to boost productivity and create jobs. Following parliamentary debate, the bill was approved, and an authority was established to coordinate its implementation.
Speaking in an interview on TV3, Mr Oppong Nkrumah questioned the practicality of enforcing continuous operations without sufficient customer traffic to sustain them. “GIHOC announced that they were doing 24-hours, but moments later, the MD said they would cut back because it did not make economic sense,” he explained.
He urged policymakers to assess whether there would be enough demand beyond traditional working hours. “Let’s see whether customers will actually show up off the eight-hour shift to do the transactions they talk about,” he said.
According to the former Information Minister, the concept is viable but must be grounded in sound economic fundamentals. “It is doable, but it must be premised on effective demand. When there is demand, businesses naturally extend operating hours without needing an authority to enforce it,” he added.
Illustrating his point, Mr Oppong Nkrumah cited a practical example: “If you run a cold store and at 11:50 pm there are customers in front of your shop with cash in hand, would you close? Cities with 24-hour economies didn’t need an authority; they focused on creating demand.”
