24-Hour Economy to Rely on Economic Incentives Rather Than Compulsion, Says Presidential Advisor Goosie Tanoh
Goosie Tanoh, the Presidential Advisor on the 24-Hour Economy, has emphasized that the government's flagship policy will be fueled by strategic incentives rather than legislative compulsion. Speaking in a recent interview with the Ghana Broadcasting Corporation (GBC), Mr. Tanoh clarified that the initiative is designed to encourage the private sector to expand operations voluntarily. This approach moves away from the notion of mandating businesses to work around the clock, focusing instead on creating the necessary economic conditions that make extended operational hours a viable and profitable choice for industries and service providers across the country. Central to the policy's success is the principle of economic logic, where businesses respond to market forces rather than state directives. Mr. Tanoh noted that firms will naturally increase their shifts and operational windows when the marginal revenue gained from doing so outweighs the marginal cost of production. To facilitate this, the government aims to provide a supportive investment climate and favorable fiscal conditions that lower the barriers to expansion. This follows the official signing of the 24-Hour Economy Authority Bill into law by President John Dramani Mahama, a move intended to institutionalize the framework needed to drive national productivity and industrial growth. The 24-Hour Economy is envisioned as a catalyst for significant job creation, enhanced industrial capacity, and a robust boost to the nation's export potential. By extending the operating hours of both manufacturing industries and service providers, the policy aims to maximize existing resources and infrastructure. Mr. Tanoh highlighted that the effectiveness of the initiative hinges on a synergy between productivity growth and a stable economic environment. Rather than forcing compliance, the state’s role is to act as an enabler, providing the necessary support systems to ensure that a multi-shift system is both sustainable and attractive to the private sector. As the implementation of the 24-Hour Economy Authority Bill moves forward, the focus remains on transforming the Ghanaian economy into a more resilient and productive global competitor. The policy represents a strategic shift toward a more modern, efficient labor market that aims to reduce unemployment and improve the balance of trade. By prioritizing productivity and voluntary participation, the administration hopes to foster a culture of industrial excellence that benefits both employers and the workforce, ultimately driving long-term economic stability and prosperity for all Ghanaians.
