- Economist Joe Jackson has criticised the proposal for a 24-hour economy in Ghana by former President John Dramani Mahama and the governing NPP
- Jackson suggests that the government should focus on providing incentives and creating a favourable environment to entice entrepreneurs to participate voluntarily in a 24-hour economy
- He highlighted the importance of comprehensive market research, consideration of economic factors, and competitive input pricing before implementing policies related to the proposed 24-hour economy
Economist Joe Jackson has expressed scepticism about the feasibility of implementing a 24-hour economy in Ghana as proposed by former President John Dramani Mahama.
The proposal was first made by Mahama but subsequently, the governing New Patriotic Party (NPP) has also joined in with its own version of the proposal that it hopes will boost local tourism this December.
However, Jackson, who serves as the Director of Operations at Dalex Finance, has stated that a government cannot impose a 24-hour economy on the citizens but should instead focus on providing incentives and creating a favourable environment to encourage entrepreneurs to participate voluntarily.
He suggested that for a 24-hour economy to thrive, market research, consideration of economic factors, and competitive input pricing should be prioritized before implementing such a policy.
"Forgive me if I’m not as excited about the proposal this evening. As a business, I look into certain issues – Is there a market? Is there somebody to buy what I want to produce? Can I produce it at a cost that makes sense? Would I find the right input, including raw materials and people, to do it?” he said.
Jackson shared his views on the matter on Eyewitness News on Citi FM on Thursday, November 16, 2024.
He made the comments on Thursday, November 16, 2023, following Finance Minister Ken Ofori-Atta's announcement of the government's intention to enhance the night economy to boost tourism.
Joe Jackson, meanwhile, has underscored the importance of thorough planning, competitive market conditions, and supportive frameworks to ensure the success of such an initiative.
Ghana's economy still in ICU
The economist not long ago said it was false for finance minister Ken Ofori-Atta to say Ghana's economy has turned the corner.
He said if Ghana's economy was a patient, it would be in the Intensive Care Unit of a health facility.
Joe Jackson's rejection of the minister's claim follows similar critical reactions to the assessment on July 31 contained in the 2023 mid-year budget review.
Ofori-Atta announces La General Hospital construction to start next week
In a separate story, YEN.com.gh reported that finance minister Ken Ofori-Atta announced the start of the long-delayed construction of La General Hospital during the budget presentation on Wednesday.
The original hospital at Labadi was demolished before the 2020 elections, with promises of a modern replacement, but that has not happened.
Ofori-Atta has assured that the project is now incorporated into the government's budget, and the construction contractor is set to return to the site next week.
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