Presidential candidate of the opposition National Democratic Congress (NDC) for the 2024 general elections, John Dramani Mahama, has defended the party's proposal to create a conducive environment for a 24-hour economy, asserting that it is a well-thought-through idea.

Mr Mahama, speaking at the 9th Ghana CEO Network Business Cocktail, reiterated that the idea is a game-changer due to careful consideration. He pledged that a potential NDC administration would actively pursue projects and programs to transition Ghana into a fully-fledged 24-hour economy by optimizing existing resources.

Mahama outlined that the 24-hour economy aligns with the NDC's vision to build the desired Ghana, focusing on creating an industrialized, inclusive, and resilient economy with well-paying jobs. The vision also includes developing safe communities, protecting the natural environment, building effective institutions, and enhancing Ghana's role in African and international affairs.

“The 24-hour economy may have finally resonated with Ghanaians. It may be classified as an idea whose time has come due to Ghana's self-inflicted economic crisis today because the 24-hour economy initiative was well-thought-through and captured on page 105 of the NDC’s 2020 People’s Manifesto," he said.

In providing a comprehensive explanation of the policy, Mr. Mahama emphasized its critical role in addressing three major challenges: a financial crisis, severe unemployment, and unprecedented levels of corruption.

He highlighted the policy's significance in mitigating these issues, which pose threats to the stability of Ghana's democracy.

“Without an economic revamp, we cannot hope to make any mark in our massive unemployment crisis, which is leading many of our young people down the road of despair. Research shows that unemployment, unavailability of jobs, poverty, high cost and poor living conditions are issues of grave concern to many Ghanaians.

“I remain optimistic about the Mahama 24-hour economy initiative. In a rapidly advancing global economy, in which countries worldwide are gradually drifting and adopting 24-hour economies to remain competitive and attract investments – Ghana cannot be left out.

In the former President's words, "the 24-hour economy is a game-changer for the Ghanaian economy."

This, he says is because it "will benefit your businesses, employment and the enjoyment of the youth who are seeking jobs."

"We shall vigorously pursue the 24-hour economy, amongst many other initiatives, as part of our broader vision and determination to increase economic growth, create jobs, and improve the quality of life of Ghanaians. We shall work with you to build the Ghana we want together,” he noted.

The former President also promised that a future NDC government would be committed to stringent enforcement of prudence and fiscal discipline in public financial management by cutting expenditure and "significantly reducing the number of overlapping agencies and amorphous creations of this NPP administration."

According to him, "there is no substitute for prudent financial management."

While the proposal has faced criticism from political opponents who argue it lacks novelty and transformative impact, some supporters view it as a positive initiative.