“Unlocking Ghana’s Potential: The 24-Hour Economy Revolution”
"Unlocking Ghana's Potential: The 24-Hour Economy Revolution"
“Unlocking Ghana’s Potential: The 24-Hour Economy Revolution”
The implementation of a 24-hour economy in Ghana is expected to have a significant impact on job creation and productivity, according to Professor Elijah Yendaw, Director-General of the Management Development and Productivity Institute (MDPI). Speaking on the potential benefits of the 24-hour economy, Professor Yendaw emphasized the need for improved transportation systems, including ground, lake, and air transport, to facilitate the movement of goods and services.
The 24-hour economy is expected to create more job opportunities for the teeming youth who need jobs to earn a livelihood. According to Professor Yendaw, the 24-hour economy will enable entities to work beyond the traditional 9-to-5 schedule, allowing for more people to be brought into the labor market.
The implementation of a 24-hour economy will also lead to improved productivity, as entities will be able to work around the clock to meet the demands of the economy. This will not only boost productivity but also ensure that goods and services are delivered efficiently and effectively.
Professor Yendaw emphasized the importance of improving transportation systems, including ground, lake, and air transport, to facilitate the movement of goods and services. This will not only stabilize the economy but also earn significant foreign exchange that can be invested in other areas of the economy.
To track the performance and productivity of specified entities under the 24-hour economy, the State Interests and Governance Authority (SIGA) will align its performance contracts with clear Key Performance Indicators (KPIs). This will ensure that entities work towards achieving specific goals and targets, and that their performance is measured and evaluated accordingly.
However, Professor Yendaw noted that implementing the 24-hour economy will require structural and systemic changes, including reviewing the mandates of some entities to align with the new vision. Additionally, SIGA plans to provide training and orientation for CEOs and boards of entities to identify potential pitfalls and loopholes that can lead to financial slippages.
The implementation of a 24-hour economy in Ghana has the potential to significantly boost job creation and productivity. With the right structural and systemic changes in place, Ghana can unlock its potential and provide opportunities for its citizens to earn a livelihood. As SIGA and MDPI continue to work towards implementing the 24-hour economy, it is expected that the country will see significant improvements in productivity and job creation.
Story by Fada Amakye from Daily Sun online.
