24-hour economy policy: NDC proposes tax incentives for interested companies

The flagbearer of the National Democratic Congress (NDC), John Dramani Mahama, says tax incentives will be granted to businesses which sign up for his proposed 24-hour economy policy.

The proposal is part of measures being adopted to increase the local economy through job opportunities for the youth.

He further explains that “businesses will be encouraged to sign up with tax incentives provided for them and enhanced security and lower electricity tariffs after peak hours.

“Special meters will be employed to provide what is known as time of use tariff to deliver cheaper power to such businesses during hours of 10am and 6am”.

Over the years, unemployment has become one of the major setbacks of the economy.

In 2017, data from the Institute of Statistics, Social and Economic Research (ISSER) of the University of Ghana showed only 10 percent of graduates find jobs after their first year of completing school.

The research further revealed it can take up to 10 years for a large number of them to secure employment.

The Ghana Statistical Service report for the third quarter of 2022 pegs unemployment at 1.7 million in all the three quarters of the year.

Already, the present NPP government is considering a vibrant night economy as an unemployment reduction policy.

But John Mahama in reacting to the policy announced in the 2024 budget says, “I am heartened that my recent suggestion of operating a 24-hour economy in Ghana has been heard by the Finance Minister as he mentioned in his recent budget statement in the form of what he called the night economy”.

However, the former President emphasized that his policy statement goes beyond the government’s proposal which focuses on boosting tourism.

According to him, the NDC’s proposal will include the operation of a three-shift system by industries and commercial entities on daily basis.

“Heightened security needed for the twenty-four economy will also provide for safer cities and thereby in effect boost tourism. This 24-hour economy initiative will be voluntary,” said Mr. Mahama.