Accra: Mr. Stephan Miezah, the National President of the Ghana Chamber of Commerce and Industry (GNCCI), has tasked the government to ensure the availability of electricity and water to propel the vision of thriving all day-long economic activities.
According to Ghana News Agency, Mr. Miezah emphasized that the security of businesses, low interest rates, forex controls, and capital injection for budding businesses, particularly for sustainable economic development, employment opportunities, and empowerment of the citizenry, must be high on the agenda. He stated that the Policy to drive a 24-hour economy was very good if handled in line with all logistical requirements.
Mr. Miezah suggested that the government should identify youth and women-led businesses and retool them to effectively participate in the new business model. This approach aims to address youth unemployment and the marginalization of women, ensuring these issues become matters of the past.
The GNCCI President noted that the 24-hour Economy, as practiced in Dubai, focuses on services, while China's model emphasizes industrial growth. He observed that Ghana is moving towards an agricultural focus, which is beneficial given the country's land and climate. He indicated that with the right investment, the Mahama-led Vision of a 24-hour economy could be a transformative factor in achieving economic prosperity.
The 24-hour economy is primarily anchored on Mahama's overarching vision to create sustainable jobs for Ghanaians, to be achieved through his agenda to modernize and mechanize agriculture. This involves providing incentives for the private sector to thrive, promoting agro-processing and manufacturing, and transforming Ghana into an import substitution and export-led economy, among other strategies.
The 24-hour economy policy is anticipated to be a major boost for John Mahama's import substitution and export drive, aiming to stabilize the national currency, improve reserves, and bring down inflation and interest rates. The Policy could create more employment opportunities and improve livelihoods.
