Deputy Housing Minister John Doe has urged businesses to capitalize on the government’s 24-hour economy policy, emphasizing its potential to drive economic growth and create jobs. Speaking at a forum in Accra on Monday, Doe highlighted the policy’s alignment with broader national strategies to boost productivity and mitigate the effects of economic slowdowns.
The 24-hour economy policy, introduced earlier this year, aims to extend operational hours across various sectors, including retail, hospitality, and manufacturing. Analysts suggest that this initiative could stimulate GDP growth by increasing economic activity and attracting foreign investment. “This policy is a game-changer for businesses willing to adapt,” Doe said, adding that it offers a unique opportunity to diversify revenue streams.
Background research indicates that similar policies have been successfully implemented in other countries, such as Japan and South Korea, where extended operational hours have contributed to economic resilience. However, critics argue that the policy may place undue strain on small businesses and workers due to increased operational costs and longer working hours.
Looking ahead, experts predict that the success of the 24-hour economy policy will depend on robust implementation and stakeholder engagement. “The government must ensure that businesses and workers are adequately supported,” said an economic analyst. “Otherwise, the policy risks exacerbating existing challenges.”