24-hour economy will generate maximum revenue – Beatrice Annan

Beatrice Annan Esq., Deputy Spokesperson for the Mahama campaign team, has expressed strong support for transitioning Ghana from its current 8-hour economy to a 24-hour economy. She argues that such a shift is essential to address the nation’s growing debt challenges and unlock the full economic potential of the country.

In an exclusive interview on Morning Starr with Naa Dedei Tettey, Madam Annan pointed out that the current 8-hour economy is insufficient to meet the financial demands of Ghana, especially in light of its increasing national debt. She believes that expanding the operating hours of businesses and industries could significantly enhance revenue generation, reduce unemployment, and help the country overcome its fiscal difficulties.

Madam Annan linked Ghana’s current debt crisis to the high levels of government expenditure and extensive borrowing undertaken by the current administration. She compared this with the more cautious fiscal policies implemented by the National Democratic Congress (NDC) when it was in power. According to her, the NDC established critical financial safeguards, such as a $250 million sinking fund and a $250 million stabilization fund, which helped cushion the country from the impact of external shocks. In contrast, she claims that the current government has appointed 126 ministers and engaged in heavy borrowing to sustain its operations, exacerbating the country’s debt burden.

“When the NDC was in power, we created economic buffers to protect the country,” Madam Annan said. “We had a sinking fund and a stabilization fund to stabilize the economy, but this government borrowed heavily and appointed many ministers because the economy was able to sustain them at the time.” She believes that this reckless approach to governance has contributed to Ghana’s current economic predicament.

In her critique of the 8-hour workday, Madam Annan argued that this limited structure is inadequate for addressing the growing demands of the economy. She emphasized the need for a fundamental shift toward a 24-hour economy, which she believes could create new economic opportunities. “We need to move away from this 8-hour economy and shift to a 24-hour economy so that businesses will have more time to operate, expand, and ultimately grow. This will help in creating jobs and solving unemployment problems, which is one of the biggest challenges facing the country,” she explained.

The transition to a 24-hour economy, according to Madam Annan, would allow businesses to operate at full capacity and generate more income for both the private sector and government. She noted that it would also boost productivity, which would ultimately benefit the entire population. However, she stressed that such a transition requires careful planning and consideration of the country’s infrastructure, security, and regulatory environment.

Madam Annan also highlighted the NDC’s plan to support businesses by offering tax exemptions, which were part of the party’s previous economic strategies. She believes these exemptions would provide much-needed relief for business owners and help stimulate economic activity. “We have done this before, and we know that tax exemptions can empower business owners to grow their enterprises, which in turn benefits the economy,” she said. According to Madam Annan, these measures will not only help businesses thrive but also encourage long-term investment and economic stability.

A significant aspect of the NDC’s proposal for a 24-hour economy is its focus on enhancing security. Madam Annan believes that security is essential to ensuring the success of businesses operating around the clock. She emphasized the need to recruit and deploy a substantial number of security personnel to maintain a safe environment for businesses and their employees. “The success of a 24-hour economy hinges on security. That’s why we are planning to recruit 25,000 new security officers to safeguard businesses and create a secure operating environment for them,” she stated.

The plan to recruit such a large number of security personnel would not only bolster the country’s security infrastructure but also provide more job opportunities for the public. Madam Annan stressed that the recruitment of security officers is integral to ensuring that the 24-hour economy functions smoothly and effectively.

Madam Annan’s call for a 24-hour economy is part of a broader vision to revitalize Ghana’s economic prospects. She believes that by shifting to a 24-hour economy, Ghana can unlock new sources of revenue, create jobs, and address some of the country’s most pressing economic challenges. She argued that the 24-hour economy could provide the foundation for sustainable growth, reduce the unemployment rate, and ultimately reduce the country’s dependence on borrowing.

For Madam Annan and the NDC, this proposed economic model is a key component of their plan to restore the nation’s economic health if they return to power. The shift to a 24-hour economy, alongside measures like tax exemptions for businesses and investment in security, is seen as a way to foster long-term economic development and create a more resilient economy for future generations.