Opinions of Thursday, 29 February 2024

Columnist: Dindiego Thomas

Anyone who believed in one district one factory and does not believe in Mahama's 24-hour economy is being hypocritical

The 24-hour economy policy was proposed by John Dramani Mahama The 24-hour economy policy was proposed by John Dramani Mahama

Firstly, it is important to note that both the "One District, One Factory" (1D1F) initiative and the proposed 24-hour economy have their merits. However, my statement suggests that those who believe in the 1D1F idea should also be inclined to support the 24-hour economy proposal put forth by John Dramani Mahama, as the latter initiative builds upon and complements the former in several ways.

Economic diversification: While the 1D1F initiative aims to promote industrialization and employment at the district level, the 24-hour economy proposal takes it a step further by exploiting the full potential of these factories. By operating round the clock, factories can maximize production, increase exports, and generate more revenue for the nation. Thus, supporting the 24-hour economy complements and enhances the objectives of the 1D1F.

Job creation: The 1D1F initiative seeks to create jobs at the district level, but the 24-hour economy proposal creates more employment opportunities across various sectors. Extended working hours would require additional shift workers, leading to new job openings in factories, logistics, security, and services related to the night-time economy. Therefore, embracing the 24-hour economy would offer a broader scope for job creation, supporting more individuals and communities.

Increased productivity: The 24-hour economy proposal recognizes the benefits of utilizing resources optimally without time constraints. By extending operating hours, factories can achieve higher productivity levels and meet market demands swiftly. This efficiency contributes to economic growth and enhances the overall competitiveness of the manufacturing sector. Consequently, anyone who believes in the productivity gains of the 1D1F should also appreciate the potential of the 24-hour economy.

Foreign Direct Investment (FDI): The implementation of the 24-hour economy would enhance Ghana's appeal to foreign investors due to increased productivity, expanded job markets, and better utilization of resources. Investors seeking stable returns on their investments would be attracted to a country with a diversified and thriving economy that provides opportunities for round-the-clock operations. Thus, supporting the 24-hour economy bolsters the attractiveness of the country as an investment destination, benefiting not only factories but also the overall economic landscape.

In summary, the 24-hour economy proposal by JM builds upon the objectives of the 1D1F initiative and offers a range of additional benefits. The support for the former by those who believe in the latter is not only logical but also strategically advantageous for the overall economic development of the nation.

I hope this further clarifies my statement and highlights the reasons why the 24-hour economy proposal should be considered a preferable option to the 1D1F initiative by those who genuinely support the latter.