Ghana's average rate of unemployment rose to 14.7% in the first three quarters of 2023, according to the Annual Household Income and Expenditure Survey Quarter Three Labour Bulletin by the Ghana Statistical Service (GSS).

The number of unemployed youth aged between 15 and 35 increased from about 1.2 million to over 1.3 million during the same period, with the rate among females consistently higher than males.

Unemployment remains a significant issue in the country, and John Dramani Mahama, during his campaign, announced the 24-hour economy to address this challenge.

In a tweet sighted by GhanaWeb Business, the Director of Research at the Institute of Economic Affairs (IEA), Dr. John Kwakye, opined that the 24-hour economy policy can generate significant employment in the country.

He stressed that the "24-hour economy policy is going to be a game changer for the economy if fully implemented. It should be noted that just as demand elicits supply, supply equally creates demand. The policy can generate significant employment, production, and growth."

The 24-hour economy is a policy intervention by the Mahama government to encourage and support certain businesses and companies to operate 24/7, preferably in a three-shift system of 8 hours each.

This will create an enabling environment that promotes productivity, competitiveness, and well-paying jobs.

According to the government, this will be achieved through an agenda to modernize and mechanize agriculture; provide incentives for the private sector to thrive; promote agro-processing and manufacturing; and transform Ghana into an import substitution and export-led economy, among others.

The policy aims to stabilize the local currency, bring down inflation and interest rates, create more employment opportunities, and improve livelihoods.

Read John Kwakye's tweet below:

The 24-hr economy policy is going to be a game changer for the economy if fully implemented. It should be noted that just as demand elicits supply, supply equally creates demand. The policy can generate significant employment, production and growth.

— J. K. Kwakye (@JohnKwabenaKwa1) January 7, 2025