{"id":44287,"date":"2024-10-30T09:59:40","date_gmt":"2024-10-30T09:59:40","guid":{"rendered":"https:\/\/www.nsemgh.com\/?p=44287"},"modified":"2024-10-30T09:59:43","modified_gmt":"2024-10-30T09:59:43","slug":"we-cant-achieve-much-with-24-hour-economy-isser","status":"publish","type":"post","link":"https:\/\/www.nsemgh.com\/2024\/10\/30\/we-cant-achieve-much-with-24-hour-economy-isser\/","title":{"rendered":"We can’t achieve much with 24-hour economy \u2014 ISSER"},"content":{"rendered":"\n

The Director of the Institute of Statistical, Social and Economic Research (ISSER), Prof Peter Quartey, has called for the integration of the proposed 24-economy initiative into Ghana\u2019s long term development plan.<\/strong><\/p>\n\n\n\n

The economic expert explained that although a good initiative, unfortunately the country may not be able to achieve anything significant with it in the short term.<\/p>\n\n\n\n

He said implementing a 24-hour economy initiative required a solid foundation of essential infrastructure, including reliable energy (power) and robust security measures.<\/p>\n\n\n\n

Unfortunately, he said these critical components were currently lacking, necessitating a significant investment of time and resources to develop them.<\/p>\n\n\n\n

Demand<\/strong><\/p>\n\n\n\n

Speaking at the launch of the State of the Ghanaian Economy Report (SGER) 2023 and a review of the third quarter, 2024 economic performance in Accra on Tuesday [October 29], the director stated that there was no demand for factories in the country to increase capacity by 100 per cent as part of the 24-hour economy initiative.<\/p>\n\n\n\n

\u201cThe 24-hour economy is a good thing but unfortunately, we may not be able to achieve anything with it. If all the factories were to produce 24-hours or increase their demand by 50 per cent or 100 per cent is there demand for the product?<\/p>\n\n\n\n

“So, I think, in my view, not to discourage anybody’s political ambition, but to say that this is a medium to long term policy. I do not think it can really kick in. We cannot achieve much with this 24-hour thing. It is a good idea, but we need to put in some structures,” he said.<\/p>\n\n\n\n

Manifestos<\/strong><\/p>\n\n\n\n

The director said political parties were focused on developing short term measures in their manifestos instead of developing a long-term plan to guide the country\u2019s development.<\/p>\n\n\n\n

\u201cThese days, we are fond of manifestos, short term strategies. We do not have a development plan. So, everyone comes then they want to change this, or that in an experimental manner.<\/p>\n\n\n\n

\u201cWe need a long-term development plan, and then all of these things can fit in nicely,\u201d he added.<\/p>\n\n\n\n

24-hour economy<\/strong><\/p>\n\n\n\n

The 24-hour economy initiative is a flagship campaign promise of the opposition National Democratic Congress (NDC) in the runup to the 2024 general elections.<\/p>\n\n\n\n

According to the NDC, the initiative seeks to provide an opportunity to unlock the country’s full potential.<\/p>\n\n\n\n

A 24-hour economy is a system where businesses and services operate beyond traditional daytime hours, making them available in the evenings, night-time and early morning.<\/p>\n\n\n\n

This allows for increased flexibility in accessing goods and services and creates more job opportunities, especially for individuals who prefer or are available to work during non-traditional hours.<\/p>\n\n\n\n

source:graphic<\/p>\n","protected":false},"excerpt":{"rendered":"

The Director of the Institute of Statistical, Social and Economic Research (ISSER), Prof Peter Quartey, has called for the integration of the proposed 24-economy initiative into Ghana\u2019s long term development plan. The economic expert explained that although a good initiative, unfortunately the country may not be able to achieve anything significant with it in the […]<\/p>\n","protected":false},"author":8,"featured_media":44288,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_post_source_name":"","_post_source_url":"","footnotes":""},"categories":[43,1],"tags":[12591,4553,10387,6693,11337,913,5196,5494,8660,192,4521,5434,6032,12773,8995,5910,9343,11607,281,5655,10415,594],"class_list":["post-44287","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-local-news","category-news","tag-24-hour-economy","tag-accra","tag-campaign","tag-congress","tag-demand","tag-democratic","tag-economy","tag-energy","tag-essential","tag-ghana","tag-ghanaian","tag-ghanaian-economy","tag-goods","tag-increase","tag-infrastructure","tag-initiative","tag-investment","tag-isser","tag-ndc","tag-security","tag-work","tag-who"],"blocksy_meta":[],"_links":{"self":[{"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/posts\/44287","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/comments?post=44287"}],"version-history":[{"count":1,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/posts\/44287\/revisions"}],"predecessor-version":[{"id":44289,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/posts\/44287\/revisions\/44289"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/media\/44288"}],"wp:attachment":[{"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/media?parent=44287"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/categories?post=44287"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/tags?post=44287"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}