24-hour economy will rescue Ghana from current economic doldrums – Mona Quartey

A former Deputy Finance Minister, Mona Quartey, has expressed confidence in the 24-hour economy proposed by the opposition National Democratic Congress (NDC) flagbearer John Mahama, asserting that it could be a significant game changer for the nation.

Madam Quartey, a key figure from the erstwhile Mahama administration, on JoyNews’ The Probe argued that the incumbent government had led the country’s economy into an abyss, thus, the need for a strategic intervention to change the trajectory of the nation.

Speaking about the National Development Planning Commission’s 40-year vision, Madam Quartey outlined the aspiration for Ghana to become a high-income country by 2057. She stressed the importance of having a well-defined roadmap and plan to achieve this goal, endorsing Mahama’s proposed policy proposal in the form of a 24-hour economy.

“You know the issues at hand, we are recovering from the Covid-19 pandemic. We are recovering from poor leadership, and therefore we do need a roadmap that will take us to where we’ve always said we want it to be – the bright medium-term future.”

“This concept is going to be a game changer to rescue Ghana from the current economic doldrums,” she said on Sunday.

She pointed out the multifaceted benefits of the 24-hour economy, aligning it with global economic progress and emphasising its role in strengthening Ghana’s global supply chain.

According to her, not only will the policy be demand-driven but also supply-driven for competitive advantage.

She pointed out that the concept could enhance efficiency, promote better pricing, and address post-harvest losses in the agricultural sector.

“We do have natural resources, especially agricultural produce, which will benefit from value addition to reduce post-harvest loss and also increase shelf life which has become very important. This helps us to smoothen out supplies throughout the seasons so we don’t have prices gyrating all over the place.

“So, it allows for better access of inputs to the industry and outputs for individuals and markets. Lower prices, reduced costs, better overall cost, and quality of life for all of us Ghanaians,” she told host, Emefa Apawu.

She was also optimistic that the 24-hour economy will also increase the country’s GDP.

The 24-hour economy is one of the policies the flagbearer of NDC, John Mahama is rigorously campaigning on to Ghanaians as he seeks a reelection in December 2024.

Political opponents have largely criticised the idea saying it is not a novelty, and cannot transform the Ghanaian economy in any way.

On the other hand, some have lauded the proposal as one that could be a game-changer for Ghana’s economy.

Many of those against it believe aspects of Ghana’s economy already operate a 24-hour system, whereas others argue the country lacks the right infrastructure to efficiently run such a system.