Monday, 26 February

24-hour economy apt for a country with high unemployment – IEA

Business
Dr John Kwakye, the Director of Research at the Institute of Economic Affairs

Dr John Kwakye, the Director of Research at the Institute of Economic Affairs (IEA), a governance think tank has defended the concept of a 24-hour economy, stating that it makes economic sense in a country with high unemployment. 

He urged critics, including Vice President Mahamudu Bawumia, to gain a proper understanding of the concept before dismissing it.

In a tweet, Dr Kwakye said, “If you don’t understand a concept, be modest enough to admit so.

“Don’t rubbish and dismiss it out of hand.”

“A 24-hr economy, if properly planned, makes a lot of economic sense in a country with huge unemployment and idle resources and capacities,” he stressed.

Critics, including Vice President Bawumia, have questioned former President John Dramani Mahama's understanding of the 24-hour economy concept.

Dr Bawumia argued that various essential services in Ghana, such as hospitals, the Electricity Company of Ghana, Ghana Water Company, fuel stations, and many eateries, already operate 24 hours.

Addressing a crowd during his 'Thank you' tour, Dr Bawumia stated, “John Mahama says he has a new idea. What is the idea? He says he wants a 24-hour economy. 

“He doesn’t even understand that policy.

“Today in Ghana, our hospitals work 24 hours, our electricity company works 24 hours, our water company works 24 hours, our fuel stations work 24 hours, and many chop bars work 24 hours.”

Former President Mahama had proposed the 24-hour economy with the aim of creating jobs for Ghanaians. 

In response to the criticism, he emphasised that the proposal was intended to generate employment opportunities. 

The debate over the feasibility and understanding of the 24-hour economy continues between political figures

Source: Classfmonline.com/Cecil Mensah