24-hour economy achievable if government is committed – Economist Nii Moi Thompson
Published:
3 months ago
Source:
MyJoyOnline
A renowned economist, Dr Nii Moi Thompson, has highlighted some strategies that can be adopted to make the 24-hour economy feasible. This comes after the flagbearer of the National Democratic Congress (NDC), John Mahama pledged to implement a 24-hour economy to address the prevailing rate of youth unemployment in the country. While critics are skeptical about the practicability of the initiative, Dr Thompson in an opinion piece noted that the ambitious policy is achievable should the government make the needed investment. Dr Thompson emphasised that while the idea of a 24-hour economy is compelling, its implementation would require substantial investment in productive assets such as factories, equipment, and infrastructure. He pointed to a worrying decline in such investments, which have dropped from a decade-high of 27.0% of GDP in 2015 to a low of 10.7% in 2023, according to data from the Ghana Statistical Service.
"Reversing this plunge will require a surge in investment, particularly foreign direct investment, on an unprecedented scale," he noted.