President John Dramani Mahama has provided a comprehensive update on the implementation of the 24-Hour Economy policy, a cornerstone of NDC administration’s efforts to transform the country’s economic landscape.
Mahama highlighted the concrete steps being taken to operationalize this groundbreaking initiative, which promises to revolutionize the way Ghanaians live, work, and interact.
According to him, the policy’s secretariat is working in close collaboration with the Development Bank of Ghana and the Ghana Infrastructure Investment Bank to establish a robust funding framework. This partnership is expected to provide the necessary financial infrastructure to support businesses and industries that operate around the clock.
He also revealed that the Cabinet has approved crucial amendments to the Ghana Investment Promotion Act and the Ghana Labour Act. These amendments will incorporate specific provisions related to 24-hour operations, providing a clear regulatory framework for businesses that choose to operate extended hours.
Several institutions, both public and private, are already gearing up to align with the policy. The Ministry of Foreign Affairs has launched a pioneering 24-Hour Passport Service, with the passport application headquarters operating around the clock. The DVLA has also leveraged a 24-hour service to clear a substantial backlog of licenses and is set to commission a new 24-hour service office at Adenta in Accra.
“The Ministry of Foreign Affairs has launched a 24-Hour Passport Service with the passport application headquarters operating 24/7. The DVLA used a 24-hour service to clear a longstanding backlog of licenses and will soon commission a new 24-hour service office at Adenta in Accra,” President Mahama stated.
Furthermore, the Youth Employment Agency is poised to launch the Graduates in Corporate Support (GRICS) Programme. This innovative program will attach 20,000 graduates to firms operating 24 hours a day, providing them with valuable work experience and skills.
The YEA is also partnering with security agencies to provide security for 24-hour firms and is working towards training and deploying 23,000 recruits for this purpose.
“The YEA is also partnering with security agencies, the Fire, Police, and Immigration Services to provide security for 24-hour firms and is working towards training and deploying 23,000 recruits for this purpose,” he added.
To incentivize companies to subscribe to the 24-Hour Economy policy, the Ministry of Energy and Green Transition will charge a lower tariff at off-peak hours. This measure is expected to reduce operational costs for businesses and promote energy efficiency.
