Former President John Dramani Mahama is championing an ambitious economic initiative dubbed the “24-Hour Economy” (24ECO), which he believes will be a game-changer in transforming Ghana’s economy.
The 24ECO aims to address the country’s current economic challenges by encouraging continuous production and services, driving economic growth, and fostering sustainable development.
In a statement released by P.V. Jantuah Boateng Dadson, a former presidential staffer, he said the plan emphasizes the importance of a systematic and strategic approach to revitalizing Ghana’s economy.
He stated “Mahama’s vision for the 24-hour economy is not an overnight solution but a carefully structured program designed to gradually build momentum and yield long-term benefits’’.
Key Objectives of the 24-Hour Economy
He further explained that the 24Economy initiative seeks to motivate Ghanaians to actively participate in the production of import substitutes and create a robust service industry to support these efforts.
He stressed some of the core components of the plan include:
- Promotion of Made-in-Ghana Products: Ghanaians will be encouraged to buy and use locally produced goods. Special incentives, such as a VAT invoice for made-in-Ghana products, will offer consumers cash back in the form of coupons, redeemable every two months, to further promote local consumption.
- Technical and Financial Support: The plan will provide technical assistance and funding for the production of raw materials by Ghanaians, ensuring a steady supply chain for the 24-hour economy’s players.
- Import Diversification Programme (ImDiP): This initiative will incentivize Ghanaian importers to transition into wholesalers and distributors of local products, with support from the Ghana Export Promotion Authority (GEPA) to export these goods to international markets.
- Corporate Tax Reductions: Companies involved in the 24-hour economy will enjoy reduced corporate taxes, with further reductions based on their employment numbers, encouraging job creation.
- Incentives for Expansion: After operating for two to three years, companies will benefit from lower interest rates and government-backed guarantees on loans for expansion, making it easier for businesses to grow.
- Support for Wholesalers and Retailers: Those who deal in products from 24-hour producers and manufacturers will receive tax reductions and other incentives to ensure a stable distribution network.
- Agricultural Support: Agricultural producers and agro-processors under the 24ECO will receive 70% guarantees on loans to boost working capital and 100% guarantees on loans for equipment and machinery.
Long-Term Benefits of the 24-Hour Economy
He stressed former President John Mahama is confident that the 24ECO will yield significant long-term benefits for Ghana, including:
- Stabilization of the Cedi against major currencies.
- Stable prices of goods and services.
- Building of foreign reserves.
- Creation of decent and sustainable jobs.
- Greater shared prosperity for all Ghanaians.
- Sustainable infrastructure development due to increased government revenues.
- Reduction of debt levels on a sustainable basis.
- Positioning Ghana on a path to economic development.
He stressed “As Ghana faces mounting economic challenges, including unsustainable debt levels and limited external support, Mahama’s 24-Hour Economy initiative offers a creative and innovative solution aimed at revitalizing the nation’s economic prospects. The detailed outline of the plan, which will be released soon, promises to provide a comprehensive roadmap for achieving these ambitious goals’. Ghanaians and stakeholders are encouraged to stay tuned for further details on this transformative economic agenda”.
Source: www.kumasimail.com
