The flagbearer of the National Democratic Congress (NDC), John Dramani Mahama, has detailed the workings of the 24-hour economy initiative.
Addressing the media in Accra on Sunday, July 7, Mr Mahama described the 24-hour economy as a catalyst for production and distribution, leading to unprecedented economic growth and job creation for the youth.
He emphasised that leadership is not just about vision but also about providing genuine hope, which this initiative aims to deliver. He explained that the 24-hour economy would replace imports with homegrown production, creating a robust Ghanaian industry.
Often, imports are favoured not because they are superior but because local production is lacking or insufficient. The stimulus package for companies participating in the 24-hour economy will encourage businesses to produce import substitutes, tapping into an existing market.
Mahama highlighted that this initiative would generate numerous new jobs and boost exports.Thus, Ghanaian companies would seek foreign partners to leverage new opportunities, and through the African Continental Free Trade Area, these partnerships would open foreign markets for Ghanaian products, extending their reach to other parts of Africa, India, Europe, and North America.
This explanation follows criticism that Mr. Mahama and the NDC had not adequately clarified how the policy would work if they won the elections and implemented it.
