Mr. Francis Abudu Zimmaleh, a seasoned chartered accountant and consultant, has emphasized the need for a careful and non-political examination of the potential impact of Ghana's proposed 24-hour economic policy.
The initiative, championed by former president and National Democratic Congress (NDC) candidate Mr. John Dramani Mahama, seeks to extend business operating hours beyond the regular 0900 to 1700 timeframe, to boost economic activities and job creation.
He outlined potential advantages such as reduced operational costs, increased financial innovation, mitigation of regulatory and infrastructural challenges, and enhancement of financial stability and inclusion.
According to Mr. Zimmaleh, the policy could effectively address the economic challenge of time differences with other nations, leading to faster and more convenient transactions.
One of the crucial aspects emphasized by Mr. Zimmaleh is the potential positive impact on the handling of perishable farm products. By extending operating hours, customers could benefit from quicker transactions, potentially saving on loan interest repayments.
While acknowledging the public discourse surrounding the 24-hour economy policy since its proposal by Mr. Mahama, Mr. Zimmaleh applauded the concept as having the potential to significantly benefit Ghana's financial and services sectors, ultimately contributing to overall economic growth.
The chartered accountant highlighted the initiative's potential to improve financial inclusion and alleviate poverty by making financial services more widely accessible.
The 24-hour economy could also pave the way for expanded access to banking, insurance, and mobile money.
Despite the optimism surrounding the policy, Mr. Zimmaleh stressed the importance of acknowledging potential challenges and risks during its implementation.
He urged for a dispassionate and non-political debate on these matters, emphasizing that meticulous planning, coordination, and investment were essential for ensuring success and viability.
Mr. Zimmaleh encouraged Mr. Mahama and his team of experts to create a comprehensive policy guideline that takes into account a diverse range of opinions, fostering successful implementation and inclusive development.
He expressed optimism about the policy's potential to revolutionize Ghana's economy and generate employment opportunities, underscoring the need for careful consideration to ensure national peace and prosperity.