24-hr Economy: Mahama promises cheaper, reliable electricity, tax reliefs

Ghana’s Opposition Leader and former President of John Dramani Mahama has announced a proposal to reduce the cost of electricity tariffs and provide tax relief for businesses participating in a 24-hour economic policy set to be implemented if he wins crucial 2024 polls.

John Mahama, the NDC flagbearer, believes that this initiative will help revitalize the struggling economy, increase productivity and efficiency, and ultimately create a thriving and dynamic economy that benefits both workers and businesses. To achieve this, there would be improved security and public safety, leading to a significant recruitment drive in the security services and private security operations.

Additionally, participating businesses would receive cheaper and more reliable electricity through a time-of-use tariffs system. They would have access to modern smart meters calibrated to charge lower tariffs during off-peak hours. Moreover, these businesses would also receive tax incentives to further reduce operations costs and enhance competitiveness.

During his New Year message on January 3, 2024, Mahama outlined his plans to establish and personally chair an Accelerated Export Development Council. This council aims to boost Ghana’s export drive by leveraging the ECOWAS Trade Liberation Scheme and the African Continental Free Trade Agreement. According to Mahama, the 24-hour economy is a game-changer and has been successfully implemented by nations like the United Kingdom, the United States, and South Korea.

Citing South Korea as an example, he emphasized the transformative power of the 24-hour economy and its ability to take a country from underdeveloped to highly developed. He believes that implementing the Mahama 24-hour economy is the right move for Ghana, as it will stimulate the manufacturing industry and transform the country into an export-focused economy known for producing high-quality goods.