24hr economy makes a lot of sense in a country with high unemployment rate – IEA’s Kwakye

The Director of Research at the Institute of Economic Affairs  (IEA), Dr John Kwakye has said that the 24-hour economy idea makes a lot of sense in a country with huge unemployment.

He asked critics to get a proper understanding of the concept before concluding that it is not achievable.

In a tweet, Dr Kwamye 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.”

Critics including Vice President Dr Mahamudu Bawumia have said that the proponent of the 24-hour economy idea, Former President John Dramani Mahama does not understand what this idea means.

Dr Bawumia stated that hospitals, the Electricity Company of Ghana, Ghana Water Company, fuel stations and many chop bars work 24 hours.

He asked Ghanaians to reject Mr Mahama's idea.

Addressing a crowd in Nalerigu as part of his ‘Thank you' tour on Monday November 20 after being elected flagbearer of the NPP on November 4, Dr Bawumia said,  “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. Today because of digitalisation, you can transfer money 24 hours, you can receive money 24 hours… So he doesn't understand his own policy. It doesn't make sense.

“So I want you to vote for me in 2024 because I will bring a new vision, I will bring a new policy. Mahama is the past, Dr Bawumia is the future. If John Mahama was there, we would say we have a dumsor economy, you can't have a 24-hour economy in dumsor. So, you want to vote for Dr Bawumia in 2024, we will take the country to new heights,” Dr Bawumia stated.

Mr. Mahama had indicated that the 24-hour economy was meant to create jobs for all Ghanaians.

“The 24-hour economy I proposed is for jobs and more jobs,” the flagbearer of the National Democratic Congress (NDC) stressed.

He proposed the '24hr Economy‘ project when he met with officials of the country's mother workers union on Tuesday, November 7, 2023 at the start of his engagement with key stakeholders in a quest to return to power.