The flagbearer of the National Democratic Congress (NDC) has promised to reduce the cost of electricity tariffs and grant tax relief for businesses that decide to operate a 24-hour economic system.
John Mahama believes businesses signing up for the 24-hour system will help accomplish his vision of revitalising the ailing economy, maximising productivity and efficiency, and ultimately creating a dynamic and vibrant economy to benefit both workers and businesses.
“The 24-hour economy will succeed because we shall provide improved security and public safety which will require massive recruitment into the security services and private security operations.
“My government will provide cheaper and more reliable electricity for those participating businesses based on a time of-used tariffs system.
“Companies that sign up for the 24-hour economy will benefit from modern smart meters calibrated to charge a lesser tariff per kilowatt hour for power that is consumed during off-peak hours.
“Businesses that subscribe to the 24-hour economy policy will receive further tax incentives to reduce the cost of the operations and enhance their competitiveness,” he said.
He made these comments while delivering his New Year message on January 3, 2024.
The former president said implementation would begin by establishing and personally chairing an Accelerated Export Development Council. This council aims to boost the country’s export drive by leveraging the ECOWAS Trade Liberation Scheme and the African Continental Free Trade Agreement.
He stressed that the 24-hour economy is a game-changer, adding that evidence suggests that these were the practices of great nations, including the United Kingdom, the United States, and South Korea.
Touching on the leadership required to take Ghana from its current underdeveloped state to being developed, he said, “Indeed South Korea is living proof that with the right leadership, the country can transform from underdeveloped to highly developed.”
According to the former president, in the 1960s, leaders of the Asian country introduced a 24-hour economy, which boosted an export-led economy and subsequently led to their development.
He emphasised that “Introducing the Mahama 24-hour economy is the right thing to do for Ghana especially considering the State of our country today.
“It will boost our manufacturing industry and transform our country into an export-led economy providing the world with goods made in Ghana,” he said.