24-hour economy is an end result, not a policy – Prof. Mike Oquaye

Former Speaker of Parliament, Professor Mike Oquaye have shared his views on the concept of a 24-hour economy, a key topic in Ghana’s economic discourse.

In an interview on Starr Chart with Bola Ray, Prof. Oquaye, in a detailed response, explained that while the idea of a 24-hour economy is often touted, it is not something that can be implemented as a policy but rather the outcome of sound economic measures.

Reflecting on the discourse surrounding the concept, he remarked, “A 24-hour economy to my mind is an end result, it’s not a policy. What do you mean you are going to create 24-hour work? You do something like an eight-hour shift, creating employment… The 24-hour economy will come as a result of that.”

He emphasized that the creation of a round-the-clock economy requires the development of key sectors such as business process outsourcing (BPO) and manufacturing.

Using examples, Prof. Oquaye noted that certain sectors, like beverage production or confectionery, could operate in 24-hour shifts without needing government approval.

He said, “You don’t need anybody’s permission to do that. It is an end result of a stimulating policy or a chain of stimulating policies that move the economy beyond eight hours.”

He also discussed Vice President Dr. Mahamudu Bawumia’s promise to create one million jobs through BPOs, stating that this type of initiative could contribute to a 24-hour economy.

“When Dr. Bawumia now tells you that he will lead a way whereby one million Ghanaians will be involved in BPOs, working with America, working with Australia, and so on… the 24-hour economy will come.”

Prof. Oquaye stressed that a robust economy is necessary for achieving this vision. He highlighted the importance of economic growth and the implementation of innovative policies, noting, “You cannot just declare a 24-hour economy. When you follow and pursue certain good policies, then it will come as a result.”

The interview shed light on the former Speaker’s pragmatic approach to economic transformation, focusing on the need for policies that stimulate industries, create employment, and naturally extend working hours, rather than trying to enforce a 24-hour economy by decree.