24-hour economy already exists in Ghana and not a new policy

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A 24-hour economy refers to an economic system where businesses and activities operate around the clock, 24 hours a day. This concept has gained prominence in modern society due to increased globalization, technological advancements, and changing consumer behavior.

The 24-hour economy extends beyond traditional working hours, allowing for continuous productivity and accessibility. This paradigm shift not only fosters economic dynamism but also addresses the changing lifestyles and demands of a globalized world.

Key aspects of the 24-hour economy include globalization and time zones, where there is interconnectedness in the global economy. This means that businesses operate in different time zones. To facilitate seamless communication and transactions, many industries, especially in finance and technology, need to function 24/7.

For instance, the rise of digital technologies and automation has enabled businesses to operate more efficiently outside regular working hours. Online platforms, e-commerce, and automated processes contribute to the continuous functioning of the economy.

Developed countries and cities operating 24-hour Economy:

New York is one renowned city that ‘Never Sleep’. New York City embodies the essence of a vibrant 24-hour economy. Its bustling nightlife, thriving entertainment scene, and round-the-clock business operations contribute significantly to the city’s economic vitality.

There are others like London’s 24-hour economy, which thrives on its diverse range of industries, from its renowned theater district to its lively pubs and restaurants. The city’s transportation network operates throughout the night, ensuring seamless connectivity for businesses and leisure activities alike.
Tokyo in Japan also operates a 24-hour economy that is characterized by its efficient transportation system, which allows people to move around the city easily at all hours.

The city’s vibrant nightlife and diverse range of restaurants and entertainment options further contribute to its thriving 24-hour economy. These examples mentioned mean that Ghana can start the 24-hour economy through the regional capital and then as infrastructure is improved, it will spread to the district capitals.

African countries and cities where 24-hour economy operates:

Lagos and Abuja Nigeria – Entertainment Sectors

South Africa ( Johannesburg and Cape Town)

Ghana and 24 Hour Economy ( TPH) Model ( Supply Side & Demand Side):

Enablers

Technology ( Digitization and Social Media Platforms)

Physical infrastructure ( Telecommunication and Transportation systems)

Human resources (Skilled IT Professionals, Free school policies)

Inhibitors:

Security(Data protection, Data Management , Cyber Security)

Time zones

Electricity

Cities in Ghana Where there are some elements of 24-hour economic activities:

Accra

Kumasi

Koforidua

Sectors of Business:

Food and Beverages

Media

Catering services (Food deliveries)

Bars and Restaurants ( Even in Kwahu)!

Transportation Sector 24 hours eg Accra, Kumasi, Tamale VIP, Uber, Yango, etc

Social media businesses eg. Tonanton, Jigi, and other unknown businesses

Our tourism sectors and festivities

Conclusion:

In conclusion, a 24-hour economy as a new way of doing business already exists in Ghana and it is working in Ghana. What, in my opinion, needs to be done to strengthen and widen it from the hospitality and the essential services sector to other sectors. It is no new policy and should not be seen as such. Rather more needs to be done for expansion to other sectors and make it workable.

Columnist: Dr. Emmanuel Mensah Asiedu