Don't politicise 24-hour economy policy proposal – Chartered Accountant

Mr. Francis Abudu Zimmaleh, a chartered accountant and consultant, has emphasised the potential impact of the 24-hour economic policy concept on Ghana's financial sector. He suggests that it should be free from political influence and thoroughly examined to ensure its effective implementation.

The economic strategy seeks to expand the operating hours of businesses across various sectors, going beyond the traditional 9 a.m. to 5 p.m. working hours.

According to its supporters, the initiative is anticipated to boost financial and economic activities, resulting in the generation of additional employment opportunities.

During an interview, Mr. Zimmaleh emphasised the advantages of the strategy, including reducing operational costs, fostering financial innovation, addressing regulatory and infrastructural obstacles, and enhancing financial stability and inclusion.

He believes that implementing the policy will effectively tackle the economic challenge of time differences with other nations and enhance the speed and convenience of transactions.

Furthermore, it would be beneficial for the effective management of perishable farm products such as fish and tomatoes, allowing customers to reduce their loan interest repayments.

Ever since Mr. John Dramani Mahama, the former president and candidate for the National Democratic Congress, introduced the 24-hour economy policy, it has sparked a significant amount of public debate.

He strongly believes that implementing this measure would lead to higher productivity, address Ghana's current unemployment crisis, which is at 14 per cent, and give a much-needed boost to the economy.

Mr. Zimmaleh praised the economic strategy as a strategic decision that has the potential to greatly benefit the country's financial and services sectors, leading to improved overall economic growth.

He highlighted the potential of the initiative to enhance financial inclusion and reduce poverty by expanding access to financial services for individuals and businesses.

This could potentially result in increased accessibility to banking, insurance, and mobile money services.

He emphasised the importance of diversifying income and expenditure sources to enhance financial stability and reduce vulnerability to shocks and crises in the financial sector.

"Through the establishment of a more vibrant and cutthroat atmosphere, the 24-hour economy has the potential to stimulate financial ingenuity and promote the creation of novel offerings that cater to the desires and tastes of consumers," he stated.

Nevertheless, he emphasised the significance of recognising the potential difficulties and risks associated with the implementation and impact of the 24-hour economy policy. It is crucial to have a rational discussion about these issues rather than turning them into political debates.

However, he remains hopeful about the impact of a 24-hour economy policy on Ghana's economy and its potential to create more jobs. 

He highlighted the importance of careful planning, effective coordination, and sufficient investment to ensure the project's success and sustainability.

He also urged Mr. Mahama and his team of experts to develop a comprehensive policy guideline that takes into account diverse perspectives, ensuring successful implementation and fostering national harmony.