Elizabeth Ofosu-Adjare, the nominee for Minister of Trade, Agribusiness, and Industry, has emphasized that the government's proposed 24-hour economy policy will play a significant role in reducing the cost of production in Ghana. During her appearance before the Appointments Committee on Wednesday, Ofosu-Adjare shared details of the policy's potential impact on businesses and industries.

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"Under a 24-hour economy policy, the government is going to do some interesting things that reduce the cost of doing business and the cost of production," she explained. The nominee highlighted the focus on time-of-use metering as a crucial step to address concerns raised by industry players regarding the high cost of electricity.

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"Government will be looking at time-of-use metering because industry players have complained about the cost of electricity, and with the 24-hour economy, the time you will use electricity will state how much you will pay," Ofosu-Adjare added.

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She further elaborated that under the new system, businesses using electricity during off-peak hours, such as in the evening, would pay a lower rate, contributing to a reduction in overall production costs."If you are using electricity in the evening, you are paying less, if you put all together, you are reducing the cost of electricity and water, and so the cost of production is going down," she said.

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The 24-hour economy has been a key policy advocated by the National Democratic Congress (NDC), and many Ghanaians are hopeful about its implementation. This policy is aimed at creating an economic environment where businesses, services, and activities operate continuously throughout the day and night. The model spans various sectors, including retail, transportation, entertainment, and public services, meeting consumer needs at any hour.

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President John Mahama, speaking at the 9th Ghana CEO Network Business Cocktail, prior to assuming office, underscored the importance of this policy, describing it as a game-changer for the nation's economy. He reiterated that an NDC government would prioritize efforts to transition Ghana into a fully operational 24-hour economy, aligning with the party's vision of building an industrialized, inclusive, and resilient economy.

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In a related development, Augustus Goosie Tannoh has been appointed as the Presidential Advisor responsible for overseeing the 24-hour economy and Accelerated Export Development.

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