Economist Dr. Peter Terkper has urged the government to focus on making the 24-hour economy initiative more practical by creating a favorable economic environment that enables consumers to purchase goods and services.
Speaking on Prime News on ABC News GH, he emphasized that simply promoting a 24-hour operation without addressing fundamental economic challenges would not yield the desired benefits. “
Government should bring in a policy that will make consumption of goods and services increase so that those who will produce will sell,” he advised.
Dr. Terkper warned that without a strong local market, businesses may struggle despite extended working hours.
“If you are still not having a friendly economy and people are still importing, and those importing are not selling and are competing with smugglers… then the 24-hour economy will not benefit Ghanaians,” he cautioned.
He explained that for businesses to remain operational around the clock, consumer demand must match production capacity, otherwise, the initiative would be ineffective.
With the 2025 Budget set to be presented by the Finance Minister, Dr. Terkper stressed the need for policies that prioritize affordability and economic stability.
He urged the government to implement measures that encourage local production, curb unnecessary imports, and ensure that businesses can thrive in a more predictable economic environment.
The economist remains hopeful that the budget scheduled to be read tomorrow will introduce strategies to stimulate demand and make the 24-hour economy concept beneficial to all.
