Yaw Nsarkoh, the former Executive Vice President of Unilever, has expressed scepticism about the feasibility of the 24-hour economy initiative proposed by former President John Mahama.
According to Nsarkoh, while the ambition of a 24-hour economy is commendable, the lack of detailed plans on how Ghana's productive forces will be developed to support such a system raises concerns about the initiative's practicality.
Speaking on the matter, Nsarkoh emphasized that operating a 24-hour economy is a complex task that requires creativity, hard work, and a radical transformation of the country's existing economic structures.
Drawing on his prior experience working within a 24-hour ecosystem, he cautioned against treating the initiative as a “walk in the park.”
Nsarkoh stressed the need for comprehensive details on how the 24-hour economy would be funded and the required capital injection, pointing out that the lack of clarity on these aspects leaves stakeholders clueless about the initiative's financial feasibility.
While acknowledging the laudable nature of achieving a 24-hour economy, Nsarkoh questioned the integration of prescriptions and projections into any econometric model, expressing difficulty in understanding the practical implications without detailed plans.
The former Unilever Executive Vice President's remarks follow the announcement by former President John Mahama, who, in a message celebrating Ghanaian youth on International Youth Day, pledged to create a 24-hour economy with incentives and tax breaks if elected in the 2024 general elections.
John Mahama asserted that his government would work to ease the tax burden on Ghanaian businesses imposed by the New Patriotic Party (NPP) and restore the country's position as a leading investment destination in Africa.
