Politics

Mahama schools Bawumia on 24-Hour Economy

Vice President Dr Mahamudu Bawumia has criticized the 24-hour economy policy of National Democratic Congress (NDC) flagbearer John Dramani Mahama.

The NPP Presidential candidate speaking during his tour of the Northern Region, criticised the policy saying “It’s not a bright idea”

“I hear John Mahama has a new idea and he wants to run a 24-hour economy. I say where did he get this idea from? It is not a bright idea! A 24-hour economy cannot be legislated by the government”

However, responding to this in a Q and A, former President and Presidential candidate of the National Democratic Congress avers the policy doesn’t have to be legislated.

“As a development strategy, it does not have to be legislated. However, it will be supported by a strategy document, including a policy framework, which will be produced after the launch of the NDC’s 2024 manifesto. The document will be closely aligned with the party’s manifesto and the Coordinated Programme for Social and Economic Development Policies, which every President is required by the Constitution to present to Parliament within two years of assuming office”.

“On the basis of the policy framework, different types of legislation, such as a new Employment Act (first of its kind) as well as laws to strengthen Ghana’s import substitution and export drive, employee rights and consumer welfare, will be enacted to support the strategy.

It is worthy of note, that save tax measures, the essential services economy and certain regulations, economic policies are generally not legislated. However, once an enabling environment is created by government, businesses/individuals who aspire to be productive, competitive and profitable ultimately take advantage of such policies”.

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“For example, digitalization is not legislated as a matter of compulsion in and of itself. However, businesses which require digital platforms to be productive and profitable, do take advantage of such digital platforms once they are introduced by government. In much the same vein, a 24-hour economy will not be imposed on businesses. However, businesses who are being targeted by the 24-hour economy policy, will in no doubt sign unto the program in order to take advantage of the attractive incentives under the policy so as to reduce cost and enhance their competiveness. This is what happens in all advance countries running 24-hour economies”.

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