Market Update: 24-Hour Economy will incentivise, not force businesses – Full Analysis

Presidential Advisor on the government’s 24-Hour Economy, Goosie Tanoh, has clarified that the policy is designed to encourage businesses to expand production voluntarily rather than compel them to operate around the clock.

Speaking in an interview with the Ghana Broadcasting Corporation, Mr Tanoh explained that the government’s approach will focus on creating the right economic conditions for companies to grow, invest, and employ more workers.

According to him, the success of the 24-Hour Economy hinges on improved productivity, increased industrial capacity, and a business climate that makes expansion financially viable.

He stressed that when firms are already running at optimal levels and see clear benefits in scaling up, they naturally introduce additional shifts without the need for directives from the government. In that regard, he emphasised that the policy is not about coercion but about stimulating investment and strengthening the broader incentive framework that supports private-sector growth.

“If an economy is operating at full capacity, nobody is going to tell industry to do shifts. Do you understand? It is a function of capacity, it is a function of the investment regime and the incentive regime that allows companies to take the decision.

“Companies operate on the marginal. If the marginal cost of hiring more people and producing the next unit of output is less than the marginal revenue, they are not going to do it. So you can’t force anybody to do 1-3-3. What you need to do is to create an incentive and the environment that allows them to do that.”

Mr Tanoh’s clarifications come after President John Dramani Mahama signed the 24-Hour Economy Authority Bill into law on Thursday, February 19.

The legislation establishes the institutional framework expected to coordinate the implementation of the policy, which is a flagship economic programme of the National Democratic Congress (NDC) administration.

The government has argued that the initiative will help boost productivity, expand exports, and create jobs by encouraging industries, logistics providers, and service sectors to operate beyond traditional working hours.

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