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• Dr Bernard Tetteh-Dumanya 1 year ago

  Response 24 Questions to Mahama's 24-Hour Economy by Razak Kojo Opoku
  
  As a financial economist with practical experience in implementing 24-hour economy policies in other jurisdictions, I feel it is my responsibility to c ...
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  Response 24 Questions to Mahama's 24-Hour Economy by Razak Kojo Opoku
  
  As a financial economist with practical experience in implementing 24-hour economy policies in other jurisdictions, I feel it is my responsibility to clarify and address the misunderstandings surrounding this highly commendable initiative. While I am not speaking on behalf of NDC and Former president Mahama I believe it is crucial to correct misconceptions and ensure that the public fully grasps the immense potential of the 24-hour economy policy, which many have yet to appreciate.
  
  The 24-hour economy is not just a theoretical concept but a proven strategy that has delivered substantial economic growth, job creation, and productivity gains in various countries. It is essential to note that this policy is designed to create a more dynamic and resilient economy, where economic activities continue throughout the day and night, offering opportunities for all sectors whether retail, manufacturing, energy, or services. By extending the hours of operation for businesses, markets, and services, we unlock the potential for higher GDP growth, increased employment, and enhanced trade balance. This policy is not simply about working longer hours; it's about increasing the overall efficiency of an economy, tapping into previously unused resources, and creating a more inclusive environment where businesses of all sizes can thrive. From a financial perspective, the 24-hour economy has proven to be a sustainable and scalable model that aligns perfectly with Ghana's growth ambitions. In my experience, the key to a successful 24-hour economy lies in appropriate infrastructure investments, such as energy supply expansion, labor law adjustments, and the integration of technology, which can mitigate these challenges and deliver exponential returns in the form of higher productivity, greater FDI inflows, and more robust economic development. The 24-hour economy is not merely an economic experiment; it is an essential step toward transforming Ghana into a competitive, globally relevant economy. I strongly urge those who remain skeptical to broaden their understanding and recognize the far-reaching benefits of this initiative, both at the macroeconomic and microeconomic levels.
  
  Here are my answers
  
  Implementing a 24-hour economy in Ghana requires careful consideration of several factors, including infrastructure development, labor policy adjustments, energy requirements, and technological integration. Each of these areas of expenditure is vital to ensuring the success and sustainability of the policy. Below is a breakdown of the estimated costs associated with the implementation of a 24-hour economy, followed by its potential macroeconomic and microeconomic effects.
  
  
  
  
  Question 1
  
  
  Type of Development Description Amount (US$)
  Duration
  Infrastructure Development • Key areas would include transportation networks for 24/7 accessibility, enhanced street lighting, and improved security systems in urban and industrial areas. These upgrades ensure that businesses and citizens can operate safely and efficiently at all hours of the day. $500m-1b 4 years
  Energy Requirements • invest in renewable energy sources and expansion of the national grid to address existing energy shortfalls. 700m annually 4 years
  Labor Policy Adjustments &Incentives • Revision to accommodate night shifts and weekend work, ensuring that workers’ rights are protected while providing flexibility to businesses. Also, offer of subsidies or tax incentives to encourage private sector participation in extended operations. 150m annually 4 years
  Technology Integration • including the establishment of digital systems for 24-hour banking, retail, and government services. Surveillance systems and automated technologies would also be necessary to monitor operations and enhance security. 500m annually 4 years
  Macroeconomic Effects of a 24-Hour Economy Policy
  Increased GDP Growth • based on Ghana's 2023 of GDP of $100 billion, there will be 10% increase in productivity across key sectors such as manufacturing, retail, and services, this could contribute an additional $10 billion annually
  Job Creation • new jobs in various sectors, including transportation, energy, retail, and security to help reduce unemployment by 17% annually 500,000 to 1 million new jobs annually
  Foreign Direct Investment (FDI) • enhance operational efficiency and market accessibility, making Ghana a more attractive destination for foreign investors. FDI inflows could grow by $2-3 billion annually
  Improved Trade Balance • rise in exports, especially in manufacturing and agriculture. Trade balance by $1-2b/year, represents15-20% increase in export revenue.
  Energy and Environmental Concerns • The ncreased energy consumption required for a 24-hour economy may strain existing resources, necessitating investments in sustainable energy solutions to avoid environmental degradation and ensure long-term energy security. Fix the galamazy issues at the end of 3rd year.
  Microeconomic Effects of a 24-Hour Economy Policy
  Increased Household Incomes • With extended working hours, workers would have the opportunity to earn overtime pay or take on additional shifts, which could raise household incomes Income will increase by 10-15% annually.
  Enhanced Business Opportunities • SMEs may operate with flexibility by serving customers around the clock. Retailers and service providers would also have access to untapped markets, such as night-shift workers and late-night shoppers. increase revenues by 20-30% annually
  Higher Consumer Spending • Consumer spending would likely rise, stimulating local economies. The increased purchasing power would lead to higher demand for a broader range of goods and services, further boosting economic growth. 12-23% annually
  Challenges for Workforce Adaptation • Policy will include support systems, such as childcare services, health benefits, and flexible work arrangements. offer economic benefits up to 18% annually
  Impact on SMEs • government to provide adequate support, such as subsidies and training, to help them transition including the women's bank for the women Benefits up to 30% annually

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• NANA OSEI2KUMASI 1 year ago

  ARE YOU SERIOUS AT ALL??
  
  HOW CAN NPP OLDMAN BE ASKING THESE QUESTIONS WHILST THEY ARE IN POWER??
  SO YOU KNOW THERE IS DUMSOR BUT YOU COVERING UP
  
  STUPID FOOL.HIIGHLY MUMU QUESTIONS

  ARE YOU SERIOUS AT ALL??
  
  HOW CAN NPP OLDMAN BE ASKING THESE QUESTIONS WHILST THEY ARE IN POWER??
  SO YOU KNOW THERE IS DUMSOR BUT YOU COVERING UP
  
  STUPID FOOL.HIIGHLY MUMU QUESTIONS

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• Adanshare 1 year ago

  Foolishness. Can you also clarify to me on the following?
  1. We will not borrow
  2. E Levy and Betting tax - what has the benefits been?
  3. Frimpong Boateng galamsey report. - What happened to it?
  4. PDS Scandal
  5. Bank o ...
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  Foolishness. Can you also clarify to me on the following?
  1. We will not borrow
  2. E Levy and Betting tax - what has the benefits been?
  3. Frimpong Boateng galamsey report. - What happened to it?
  4. PDS Scandal
  5. Bank of Ghana incurred a 60 billion loss
  6. We will not run family and friends government - what happened?
  7. We are incorruptible - what happened to this statement
  8. 58 million dollar non existent cathedral
  9. We will arrest the dollar - where is the dollar now?
  10. We won't go to IMF. Why are we there?
  11.Every constituency will have 1 million dollars
  12. We have constructed the Pwalugu Dam. Where is the dam?
  There are lots but clarify these first.

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• Ex-Pope 1 year ago

  INCOMPETENT FAKE GURU ECONOMIST APLANKE BAWUMIA AND HIS NPP GOVERNMENT OPERATE A JULOR HOUSE 24-HOUR LOOTING ECONOMY.
  
  Why has your fake guru economist Aplanke Bawumia still not been able to arrest the cedi despite chasing ...
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  INCOMPETENT FAKE GURU ECONOMIST APLANKE BAWUMIA AND HIS NPP GOVERNMENT OPERATE A JULOR HOUSE 24-HOUR LOOTING ECONOMY.
  
  Why has your fake guru economist Aplanke Bawumia still not been able to arrest the cedi despite chasing it for eight years? Why has the NPP opted for a 24-hour looting economy, knowing damn well that such a looting economy program will only result in a collapsed economy and untold economic hardship for Ghanaians? What was your fake guru economist Aplanke Bawumia thinking when he was participating in his NPP government's looting, mismanagement and collapse of Ghana's economy? And why does he a flagbearer who claims to be a guru economist just doesn't have a solution to revive the economy that he participated in looting, mismanaging and collapsing?

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