Imagine a world where businesses never sleep. The bustling streets of Accra are alive at midnight, factories hum with the rhythm of machinery well past dusk, and digital startups thrive in the quiet hours when most are asleep. This vision could soon become a reality in Ghana, as highlighted by Simon Madjie, the Acting Chief Executive of the Ghana Investment Promotion Centre (GIPC).
Madjie, brimming with enthusiasm, spoke about the flagship policy that aims to revolutionize the Ghanaian economy. Dubbed the “24-hour economy”, this initiative promises a profound impact—not just on economic growth but also on the very fabric of Ghanian society by fostering business productivity and boosting employment opportunities.
The compelling question is, can a 24-hour economy breathe new life into Ghanaian businesses? According to Madjie, the answer is yes. He insists that companies willing to embrace this initiative will find themselves reaping a cornucopia of benefits. These include juicy incentives like reduced operational costs thanks to more affordable electricity. Businesses open up to the notion of extending their working hours might just tap into new reservoirs of productivity and stay competitive in an ever-evolving landscape.
In an article titled Ghana is Open for Business, Madjie underscores the transformative vision of this strategy. “The 24-hour economy strategy,” he writes, “proposed by H.E. John Dramani Mahama, is a deliberate policy intervention aimed at encouraging businesses and companies in Ghana to operate 24 hours a day, seven days a week.”
The initiative, as he elaborates, does much more than just tweaking operational hours. It’s a broad, sweeping movement aiming to create sustainable employment, ramp up productivity, and sharpen the competitive edge of local enterprises both domestically and globally. Picture this: Ghana transitioning towards an economy that thrives on both import-substitution and export. Could this indeed be the genesis of a modern Ghana?
Anchored on a vision to modernize agriculture, promote agro-processing, and uplift private sector participation, this policy sheds light on key industries poised to experience significant growth. Madjie lists agro-processing, pharmaceuticals, manufacturing, construction, digital startups, and even financial services. Imagine the doors that would open if ports, customs, and pivotal public offices joined in this endeavor to operate round the clock!
Key Benefits for Investors
As it stands, this 24-hour economy isn’t just an open field but instead is paved with opportunities for both local and foreign investors. Madjie asserts, “Participating businesses will enjoy tax incentives to cut down on operational costs.” It’s not just taxes where savings lie; a Time-of-Use (TOU) tariff system would grace enterprises with cheaper electricity rates during off-peak hours. An enticing prospect, don’t you think?
Equally crucial is the government’s promise of financial support aimed at strategic agro-processing and manufacturing ventures. This support could potentially enhance production capacity, promote import substitution, and skyrocket export potential. As someone once wisely noted, “You have to be burning with an idea, or a problem, or a wrong that you want to right.” Clearly, Ghana is poised to light up its industries and barriers with this policy.
Additionally, Madjie assures that this policy would prioritize bolstering security and infrastructure in commercial zones, establishing a safe haven for businesses that dare to blur the traditional boundaries of time. Can you envision the metropolis of tomorrow where safety and growth stride hand in hand?
Legislative Amendments to Support the Initiative
In an interesting twist, legislative backing isn’t far off. Madjie mentions that the GIPC Act, 2012 (Act 865) will undergo amendments to introduce fresh strategic incentives. These are strategically targeted to allure investors eager to dive into the opportunities of a 24-hour economy setup.
As Ghana steps closer to manifesting this ambitious policy, the onus is on business leaders and investors to seize this moment—explore, innovate, and leverage the potential for long-term economic prosperity. Could this be a defining chapter in Ghana’s growth narrative?
Indeed, Madjie and his vision have laid down a captivating framework. Bold steps await businesses ready to jumpstart Ghana’s journey into a luminous future, one where dawn and dusk converge to paint an unending canvas of growth and opportunity.
Edited By Ali Musa
Axadle Times International–Monitoring.
