The former Executive Vice President of Unilever, Yaw Nsarkoh says the 24-hour economy initiative announced by former President John Mahama is not a task that can be easily accomplished.
According to him, the initiative as announced by former President disappointingly lacks details on how Ghana’s productive forces will be developed support such a system and transform the country.
Mr. Nsarkoh highlighted his prior experience working within a 24-hour ecosystem, emphasising that establishing such an economy is no easy feat.
“It is not a walk in the park to construct one. I do not quarrel with the ambition of a 24-hour economy, but it requires creativity and very hard work to get done, or else this two becomes another promise of a miracle that leads nowhere from Ghanaian politicians,” the former Unilever Executive Vice President said.
Mr Nsarkoh explained that, operating a 24-hour economy will require a radical transformation from where the country’s economy has reached.
According to him, operating a 24-hour economy will require a comprehensive labour force and, hence should go beyond mere words of promises.
The former Unilever Executive Vice President underscored the fact that, while achieving a 24-hour economy would be most laudable, he found it challenging to integrate the prescriptions and projections into any econometric model owing to the lack of detail.
“As a result, we are left clueless about how this will be funded. What is required in capital injection,” he asked.
His remarks follow the announcement by the National Democratic Congress (NDC) flagbearer for the 2024 general elections, John Mahama who in his message to celebrate Ghanaian youth on International Youth Day on Saturday, August 12, said that the next NDC government will create a 24-hour economy with incentives and tax breaks.
He said his government will work assiduously to ease the burden of taxes imposed on Ghanaian businesses by the governing New Patriotic Party (NPP), which has deprived the country of its “envious position as one of Africa’s leading destinations for investment.”