1. The Evolution of the Ghanaian Economy

1.1 Post-Independence Era (1957-1966) – Nkrumah’s Industrial Vision

At independence in 1957, Ghana, under the leadership of Dr. Kwame Nkrumah, embarked on an ambitious economic path aimed at rapid industrialization. Nkrumah’s vision was anchored in the idea of a state-led industrial economy, which sought to move away from dependence on cocoa exports and embrace self-reliance through import substitution. The plan was to reduce the country's reliance on foreign goods, manufacture locally, and create jobs for the newly independent state.

The government poured investments into large infrastructure projects, such as the Tema Harbor, the Volta River Project (which led to the construction of the Akosombo Dam), and numerous state-owned enterprises (SOEs). One of the hallmark achievements of this era was the establishment of the Ghana Industrial Holding Corporation (GIHOC), a conglomerate of industries involved in the production of everything from textiles to pharmaceuticals.

Nkrumah believed that for Ghana to be truly independent, it needed to industrialize quickly and reduce reliance on exporting raw materials like cocoa and importing manufactured goods. However, the economic optimism of the era was not without challenges. The state’s aggressive industrial policies led to growing external debt, which, coupled with mismanagement and inefficiently run SOEs, created financial strain. Additionally, falling global prices for cocoa, Ghana’s primary export, reduced foreign exchange earnings and created economic imbalances. By 1966, when Nkrumah was overthrown in a military coup, the economy was facing severe fiscal challenges despite the early investments in infrastructure and industry.

1.2 1966-1981 – Political Instability and Economic Decline

The years following Nkrumah’s overthrow were marked by political instability, which further worsened the economic situation. Ghana experienced a series of coups that led to changes in leadership and policy direction, creating uncertainty and stifling growth. The new regimes that came into power abandoned Nkrumah’s vision of state-led industrialization and instead focused on more liberal economic policies, albeit with limited success. Agriculture, particularly cocoa, remained the backbone of the economy during this period. Ghana was the world’s largest producer of cocoa in the 1960s, but the sector began to decline as global cocoa prices plummeted, and production was hampered by ageing cocoa farms and poor incentives for farmers.

Between 1966 and 1979, Ghana’s share of global cocoa production fell from 36% to about 20%, a significant drop that reflected the sector's struggles. The country's infrastructure continued to deteriorate, and inflation soared due to poor economic management and political instability. The years of political turbulence also meant that little progress was made in diversifying the economy or industrializing further. By the early 1980s, Ghana was facing severe inflation, food shortages, and a rapidly depreciating currency, creating conditions that led to widespread poverty and discontent.

1.3 1981-1992 – Economic Recovery and Structural Adjustment

The Provisional National Defence Council (PNDC), led by Flight Lieutenant Jerry John Rawlings, took power in 1981. The early 1980s were particularly challenging for Ghana, with a shrinking economy, inflation above 100%, and widespread social unrest. To arrest the economic decline, the PNDC government turned to the International Monetary Fund (IMF) and the World Bank for support. This marked the beginning of the Economic Recovery Program (ERP) in 1983, which led to a series of Structural Adjustment Programs (SAPs). The ERP focused on stabilizing the economy through market-based reforms. These included devaluation of the currency, removal of price controls, privatization of state-owned enterprises, and trade liberalization.

The economy showed signs of recovery, with an annual growth rate of about 5% between 1983 and 1989. Foreign investment increased, and sectors such as mining (particularly gold) and agriculture began to stabilize. Cocoa production rebounded due to new incentives for farmers, and gold production increased as multinational companies entered the mining sector. However, the long-term social costs of these reforms were significant. Public sector jobs were slashed, and social services like healthcare and education suffered from austerity measures. While GDP growth returned, the benefits of the economic recovery were unevenly distributed, and poverty levels remained high. By 1992, Ghana had returned to democratic rule, but many of the structural challenges that had plagued the economy for decades persisted.

1.4 Fourth Republic (1992-Present) – Diversification, Oil Boom, and Liberalization

With the return to democratic rule in 1992, Ghana continued on the path of liberalization and market-driven reforms. The 1990s and early 2000s saw efforts to diversify the economy beyond cocoa, with a growing focus on sectors such as mining, telecommunications, and financial services. The discovery of the Jubilee oil field in 2007 marked a turning point for Ghana, as the country became a significant oil producer. The oil sector, combined with growth in gold and cocoa exports, helped boost the country’s GDP.

By 2011, Ghana had achieved lower-middle-income status, with one of the fastest-growing economies in the world, boasting a growth rate of 14.4%. However, the benefits of this growth were not evenly spread, with rural areas and certain sectors of the economy continuing to lag. One of the main challenges in this period has been managing the fiscal deficits and rising public debt. Despite the discovery of oil, Ghana has struggled with high levels of government borrowing to fund infrastructure projects and public services.

By 2023, Ghana's public debt had ballooned to over 80% of GDP, leading to concerns over debt sustainability and the need for another IMF intervention. The services sector has also grown significantly in recent years, with banking, telecommunications, and retail services playing a major role in the economy. However, the industrial sector has struggled to keep pace, and the country remains heavily dependent on raw commodity exports, with limited value addition.

Industrialization efforts, such as the One District, One Factory (1D1F) initiative launched in 2017, aim to address this, but the results have been mixed. The structure of Ghana’s economy, while showing resilience in certain periods, has remained heavily reliant on primary commodities and prone to external shocks. Each phase of Ghana's economic evolution has been shaped by different policies, yet the fundamental issues of debt, employment, infrastructure, and industrial development persist.

2. Analyzing the Structural Challenges of Ghana’s Economy

Ghana's economy, despite periods of significant growth, faces persistent structural challenges that have prevented it from achieving sustained and inclusive development. This section will explore the key obstacles, including the overreliance on commodity exports, unemployment, underemployment, inadequate infrastructure, fiscal imbalances, and slow industrialization, all of which have hindered the country's economic transformation.

2.1 Dependence on Commodity Exports

Ghana’s economy has historically been driven by the export of raw commodities, particularly cocoa, gold, and, more recently, oil. These three products alone account for over 80% of the country's export earnings. While this has contributed to foreign exchange reserves and government revenue, it has also exposed the economy to the volatility of global commodity markets.

Cocoa has been the backbone of Ghana’s economy since the colonial era. Today, Ghana is the world’s second-largest producer of cocoa after Côte d'Ivoire, contributing over 20% of global supply. However, despite its dominance, the sector faces several challenges. The global price of cocoa is highly volatile, fluctuating based on supply and demand dynamics in international markets. For example, between 2015 and 2020, cocoa prices dropped by about 30%, directly impacting Ghana’s export revenues and the incomes of cocoa farmers, who make up a significant portion of the rural population. Gold, Ghana’s leading export earner, has similarly been subject to global price fluctuations. Although gold production has increased substantially in recent years, contributing about 37% of total export earnings in 2021, it is also highly susceptible to price changes. This exposes the country to fiscal and trade imbalances when commodity prices fall, creating an economic dependency that limits broader diversification.

With the discovery of oil in 2007, expectations were high that Ghana would become less reliant on cocoa and gold. The Jubilee oil field began production in 2010, and by 2011, oil contributed about 5% of the country’s GDP. However, as with other commodities, the oil sector has been prone to price shocks. The global oil price crash of 2014 significantly affected Ghana's revenues, illustrating the risks of relying too heavily on commodities. Ghana’s overreliance on raw exports means that it has failed to build a strong manufacturing base that adds value to these commodities. For instance, most of the country's cocoa is exported in its raw form rather than processed into finished products like chocolate, which would fetch much higher prices on the global market. The same is true for gold, where little local refining takes place. This lack of value addition limits job creation and prevents the economy from capturing the full benefits of its natural resources.

2.2 High Levels of Unemployment and Underemployment

Unemployment and underemployment remain two of the most significant challenges facing Ghana today. Despite periods of strong economic growth, particularly in the early 2010s, job creation has not kept pace with population growth. This is particularly evident among the youth, with youth unemployment rates reaching an estimated 12.6% in 2022, according to the World Bank, and youth underemployment rates even higher.

A major contributing factor to this challenge is the structure of Ghana's labour market, which is dominated by the informal sector. Over 80% of Ghana's workforce is employed informally, particularly in small-scale farming, trading, and artisanal work. While the informal sector provides livelihoods for millions of Ghanaians, it tends to offer low wages, poor working conditions, and little job security. Workers in the informal economy are also less productive, contributing to overall economic inefficiency.

Another issue is the mismatch between education and job market needs. Many young graduates, particularly from tertiary institutions, find themselves unemployed or underemployed because their skills do not align with the demands of the labour market. This has created a situation where highly educated individuals are unable to secure formal employment, while businesses in industries such as manufacturing, agriculture, and technology struggle to find skilled labour. Moreover, despite Ghana’s large agricultural sector, which employs about 33% of the workforce, productivity in this area remains low. Many farmers still rely on traditional farming methods, and there is limited mechanization. The lack of access to modern tools, irrigation, and credit facilities hampers the sector’s growth potential and further perpetuates the problem of underemployment.

2.3 Inadequate Infrastructure and Power Supply

Ghana’s infrastructure challenges, particularly in the areas of transportation, energy, and communication, have long been a barrier to economic growth. The country's road network, while improving, still has significant gaps, especially in rural areas. Poor road infrastructure raises the cost of doing business, delays the movement of goods, and limits access to markets for smallholder farmers and rural entrepreneurs. Urban areas, especially Accra and Kumasi, face chronic traffic congestion, which not only affects productivity but also increases transport costs and air pollution. According to the World Bank, the urban population in Ghana has grown by nearly 4% annually over the past decade, putting immense pressure on infrastructure and services that were not designed for such rapid urbanization.

Energy supply has also been a significant challenge for Ghana’s industrial and business sectors. The infamous power outages, commonly referred to as “Dumsor”, caused severe disruptions in the early 2010s. At the height of the crisis in 2014-2015, businesses reported losses equivalent to 1-2% of GDP annually due to inconsistent electricity supply. Although power generation capacity has since improved, distribution challenges and inefficiencies within the energy sector persist, limiting the potential for industrial expansion.

2.4 Fiscal Deficits and Debt Accumulation

Ghana’s persistent fiscal deficits have been a major concern for economists and international financial institutions alike. The country’s budget deficits, often caused by excessive public spending, have contributed to rising debt levels. According to the Bank of Ghana, by the end of 2022, Ghana’s total public debt had reached 83.5% of GDP, placing the country at risk of debt distress. The need to service this debt has strained the country’s finances, limiting the government’s ability to invest in critical areas such as infrastructure, health, and education. One key factor behind Ghana’s rising debt levels has been the fiscal indiscipline surrounding election cycles. Historically, the government tends to increase spending on social programs and public sector wages in the run-up to national elections, leading to budget overruns. For example, in 2016, Ghana’s fiscal deficit jumped to 9.3% of GDP due to pre-election spending, despite a commitment to fiscal consolidation under an IMF program.

Another issue is the country's inefficient tax system. Despite efforts to broaden the tax base, Ghana's tax-to-GDP ratio remains low compared to peer countries. According to the Ministry of Finance, Ghana’s tax revenue was approximately 13.5% of GDP in 2022, far below the African average of 18%. This has forced the government to rely heavily on external borrowing to finance its deficits, compounding the debt problem.

2.5 Slow Pace of Industrialization and Technological Advancement

Ghana’s efforts at industrialization have been slow and uneven. While sectors such as telecommunications and services have seen significant growth, the country has struggled to build a competitive manufacturing base. The One District, One Factory (1D1F) initiative, launched in 2017, aims to address this by establishing at least one industrial enterprise in each of Ghana’s 260 districts. However, progress has been slower than anticipated, with many factories either in the planning stages or struggling to secure funding. One of the key barriers to industrialization is the lack of technological advancement. Ghana ranks low on the Global Innovation Index, reflecting the limited use of modern technology across industries.

This is particularly evident in sectors such as agriculture, where the adoption of mechanized farming techniques remains low. Without greater investment in technology and innovation, Ghana’s industrial sector will continue to lag, limiting job creation and productivity growth. Ghana’s structural challenges—reliance on commodities, unemployment, infrastructure deficits, fiscal imbalances, and slow industrialization—are deeply entrenched and have persisted over decades. These issues have created bottlenecks to sustained economic growth and inclusivity.

3. The Case for a 24-Hour Economy

As Ghana grapples with persistent economic challenges, innovative solutions are needed to spur growth, improve productivity, and create jobs. One such potential solution is the adoption of a 24-hour economy. A 24-hour economy refers to an economic system where businesses, services, and public utilities operate continuously, beyond the traditional working hours. While this model is common in global cities such as New York, London, and Dubai, it is less familiar in much of Africa. In this section, we explore how a 24-hour economy could potentially address Ghana’s structural challenges.

3.1 What is a 24-Hour Economy?

A 24-hour economy extends economic activity to cover the entire day, allowing businesses, public services, and other sectors to operate at all hours. It is based on the premise that demand for goods and services does not stop when the clock hits 5 pm. In fact, extending operational hours could create more opportunities for businesses to cater to diverse customer needs, increase employment by introducing new shifts, and maximize the use of infrastructure. In cities such as New York and Dubai, 24-hour economies have become essential to growth. Dubai, for instance, has leveraged its 24-hour economy to build a robust tourism and retail sector, attracting visitors from across the world at all hours. Similarly, New York’s reputation as "The City That Never Sleeps" has allowed its financial, retail, and entertainment sectors to thrive, contributing significantly to its GDP.

3.2 Potential Benefits of a 24-Hour Economy in Ghana

Adopting a 24-hour economy could offer several benefits to Ghana, particularly in addressing key structural challenges such as unemployment, productivity inefficiencies, and infrastructure utilization.

Employment Creation: One of the most compelling reasons for adopting a 24-hour economy is its potential to create jobs. By allowing businesses and industries to operate in multiple shifts, more people could be employed across various sectors, particularly in retail, services, transportation, and manufacturing. For instance, supermarkets, restaurants, call centres, and logistics companies could operate through the night, offering employment opportunities for workers who are currently unemployed or underemployed. In the retail sector alone, extending hours could create thousands of new jobs, particularly for youth, who make up a significant portion of Ghana’s unemployed population.

Additionally, industries such as healthcare, security, and public transportation would benefit from expanded employment opportunities. Night shifts, for instance, could become more commonplace, requiring more staff to operate hospitals, police stations, and other essential services.

Improved Productivity: A 24-hour economy could help Ghana maximize its infrastructure and resources, improving productivity across the board. Under the current system, offices, factories, and public spaces are underutilized outside of regular working hours. For example, most businesses close by 6 pm, leaving crucial infrastructure idle for almost two-thirds of the day. By keeping these facilities open, Ghana could spread out economic activity and reduce bottlenecks, such as the heavy traffic congestion seen during morning and evening rush hours in Accra and other major cities. Manufacturing plants could also operate in multiple shifts, boosting output and potentially driving down the cost of production through economies of scale. For instance, factories involved in processing raw materials like cocoa or refining gold could operate around the clock, increasing output and adding value to Ghana's primary commodities. This would help mitigate the country's overreliance on the export of raw materials by boosting local production and adding value.

Traffic Decongestion: Ghana’s urban centres, particularly Accra and Kumasi, face chronic traffic congestion during peak hours. This congestion not only reduces productivity but also increases fuel costs and leads to long commuting times. A 24-hour economy could help spread out traffic flows throughout the day, easing congestion during the traditional morning and evening rush hours. For example, businesses and schools could stagger opening and closing times, allowing for a more even distribution of commuters throughout the day and night.

Additionally, logistics and transportation companies could take advantage of off-peak hours to move goods more efficiently. Currently, Ghana’s ports and road networks experience significant delays due to traffic, particularly in areas such as Tema, where the country’s largest port is located. Operating 24 hours could ease the burden on infrastructure and allow for more efficient transportation of goods.

Tourism and Leisure: A 24-hour economy would greatly benefit Ghana’s tourism and hospitality sectors. As a country rich in cultural heritage, historical sites, and natural attractions, Ghana has the potential to become a major tourism hub in West Africa. By offering 24-hour services, such as round-the-clock restaurants, nightlife venues, and tourist activities, Ghana could attract a wider range of international visitors and create a more vibrant economy. For example, many tourists prefer to explore cities at night or visit attractions during off-peak hours to avoid crowds. Cities such as Accra, Kumasi, and Cape Coast could introduce night tours, extended operating hours for museums and cultural centres, and evening events that cater to tourists. Moreover, expanding the hospitality industry to operate 24/7 would create more jobs in hotels, restaurants, and other related sectors.

Energy Efficiency: While energy consumption is a concern for a 24-hour economy, there is also the potential for better energy management. With businesses operating during off-peak hours, the strain on the national grid could be spread more evenly throughout the day. Currently, Ghana experiences high energy demand during the day, particularly in the afternoon and evening, leading to periodic power outages and energy inefficiency. A 24-hour economy could help balance this demand by encouraging businesses to operate at night when energy consumption is lower, thus reducing the likelihood of power shortages during peak hours.

Improved Public Services: Extending public services to operate 24/7 could significantly improve the quality of life for Ghanaians. Healthcare, for instance, could benefit from extended operating hours, with hospitals, clinics, and pharmacies offering continuous services. Public transportation could also be extended to operate late into the night, improving mobility for workers, tourists, and residents alike. Currently, many Ghanaians face limited transportation options after 10 pm, forcing them to rely on expensive private taxis or walk long distances. A 24-hour public transport system would address this gap, making it easier for people to access services and travel safely at night.

3.3 Challenges and Preconditions for a Successful 24-Hour Economy

While the potential benefits of a 24-hour economy are significant, there are several challenges and preconditions that must be addressed to ensure its success in Ghana.

Security and Safety Concerns: Operating a 24-hour economy requires a robust security framework to ensure the safety of businesses and individuals, particularly at night. Ghana has made strides in improving public safety, but challenges such as petty crime, burglary, and theft remain concerns, especially in urban centres. For businesses to operate comfortably at night, law enforcement must be equipped to handle increased patrols, surveillance, and crime prevention strategies. Investing in street lighting, CCTV cameras, and the expansion of community policing efforts will be critical to ensuring that citizens feel safe working and moving about at night. In cities where 24-hour economies are successful, such as New York and Tokyo, heavy investment in safety infrastructure has been key.

Infrastructure Requirements: Adequate infrastructure is essential for the smooth operation of a 24-hour economy. This includes reliable transportation systems, efficient power supply, and well-maintained roads and public services. As discussed earlier, Ghana faces significant infrastructure challenges, particularly in transportation and energy. Before transitioning to a 24-hour economy, the government must invest in upgrading road networks, expanding public transport services, and ensuring a consistent power supply to support businesses and industries.

Cultural Shifts: A successful 24-hour economy also requires a cultural shift in how businesses and individuals perceive work and leisure time. In Ghana, the traditional 9-to-5 workday is deeply ingrained, and many businesses may be reluctant to adopt extended hours due to concerns about profitability and demand. Moreover, employees may be resistant to working night shifts, which could disrupt their work-life balance. To address these concerns, businesses would need to offer incentives for night shifts, such as higher wages or additional benefits. Public awareness campaigns could also help shift cultural attitudes toward accepting night-time work and leisure activities as part of everyday life.

Labour Market Adjustments: Operating a 24-hour economy requires significant adjustments in the labour market. Businesses must ensure that labour laws and regulations are adapted to accommodate extended working hours, particularly about night shifts. For instance, night workers may require higher compensation due to the inconveniences associated with working outside regular hours. Labour unions and worker protection organizations must be involved in ensuring fair treatment for employees in the 24-hour economy. Additionally, skills training and education programs will need to be tailored to prepare workers for the demands of a 24-hour economy, particularly in sectors such as hospitality, retail, and transportation, where night shifts are common.

4. Comparative Analysis – How Other Countries Have Implemented 24-Hour Economies

Countries that have successfully implemented a 24-hour economy have typically done so by leveraging their infrastructure, ensuring security, and creating a conducive environment for businesses to operate continuously. In this section, we will analyze three global examples—New York, Dubai, and Johannesburg—that have each implemented aspects of a 24-hour economy in different ways. We will explore the strategies these cities used and examine what lessons Ghana can learn from them to make a potential transition to a 24-hour economy.

4.1 New York City – The City That Never Sleeps

New York City is often considered the quintessential example of a 24-hour economy. The city’s unique energy, constant activity, and round-the-clock businesses have made it one of the most economically dynamic and diverse cities in the world. The pillars of New York's success as a 24-hour economy include its advanced infrastructure, security framework, and diverse economy.
Economic Sectors Thriving in the 24-Hour Economy:

• Retail and Hospitality: New York’s retail and hospitality sectors are vibrant and operate 24/7, catering to locals, tourists, and business travellers alike. Major stores like Macy’s in Manhattan offer late-night shopping hours, while restaurants and bars remain open to serve an around-the-clock clientele. This ensures that businesses do not miss out on revenue, while consumers benefit from increased convenience.
• Public Transportation: One of the major factors enabling New York’s 24-hour economy is its public transportation system, which operates continuously. The New York City subway runs 24 hours a day, seven days a week, allowing workers and consumers to move freely at all hours. This is essential for businesses that rely on late-night shifts, including hospitals, call centres, and logistics companies.
• Tourism and Entertainment: New York’s nightlife, Broadway shows, and entertainment industry are significant contributors to its 24-hour economy. Tourists flock to the city, knowing they can explore and experience it at any time of the day or night, which in turn drives revenue for restaurants, theatres, and transportation services.
  Key Takeaways for Ghana:
• Infrastructure and Public Transportation: For Ghana to implement a 24-hour economy, it must first upgrade its public transportation systems. In New York, reliable transportation allows workers and customers to move freely at all hours. Ghana’s public transport, which is largely non-operational after certain hours, would need to be significantly expanded to facilitate the continuous movement of people and goods.
• Safety and Security: New York’s success as a 24-hour city is also attributable to its investment in public safety. The New York Police Department (NYPD) plays a crucial role in maintaining law and order across the city. Ghana would need to invest heavily in nighttime policing, street lighting, and surveillance to ensure safety for businesses and consumers.

4.2 Dubai – Leveraging a 24-Hour Economy for Growth

Dubai has rapidly grown into a global hub for tourism, retail, and finance. Its success is partly due to its adoption of a 24-hour economy, which has allowed the city to cater to international visitors and businesspeople regardless of the time zone.
Tourism and Retail:

• Dubai’s tourism and retail sectors are pivotal to its 24-hour economy. The city is home to some of the largest shopping malls in the world, including The Dubai Mall, which offers late-night shopping and entertainment options for visitors. In addition, Dubai’s focus on luxury tourism has driven demand for 24-hour services in hotels, restaurants, and leisure facilities.
• Nightlife: Dubai’s entertainment scene includes a wide range of activities available late into the night, from desert safaris to nightclubs. This has helped position Dubai as a prime destination for international travellers seeking leisure and business opportunities.
• Air Travel Hub: Dubai’s status as a global air travel hub means that thousands of people arrive in the city at all hours of the day. To accommodate this, the hospitality and transport sectors operate around the clock, ensuring that visitors have access to services immediately upon arrival.
  Key Takeaways for Ghana:
• Positioning Ghana as a Tourism Hub: Ghana has enormous potential to grow its tourism sector, with attractions such as the Cape Coast castles, Kakum National Park, and a rich cultural heritage. Embracing a 24-hour economy could make Ghana a more attractive destination for international tourists, who may want to explore attractions outside of regular working hours. This would also support the growth of hotels, restaurants, and tour companies.
• Service Industry Expansion: Dubai’s emphasis on service-oriented sectors such as retail and hospitality has been key to its 24-hour economy. Ghana can similarly focus on expanding its services sector, ensuring that businesses like restaurants, cafes, and convenience stores remain open late or throughout the night, catering to both local and international customers.

4.3 Johannesburg – Africa’s Aspiration for a 24-Hour Economy

In Africa, Johannesburg stands out as a city that has made significant strides towards implementing a 24-hour economy, although it still faces challenges. Known for its vibrant commercial activity, Johannesburg’s nightlife, entertainment, and retail industries have been slowly expanding their hours to accommodate more business.
Commercial and Retail Expansion:

• Johannesburg’s retail sector is among the first in Africa to experiment with extended shopping hours. Major malls such as Sandton City and Rosebank Mall have introduced longer shopping hours, and certain stores operate late into the night, especially during festive seasons. The retail industry’s extension of hours is driven by consumer demand and the city’s growing middle class.
• Entertainment and Nightlife: Johannesburg’s nightlife is a key component of its 24-hour economy. From restaurants to nightclubs, the city offers entertainment options that cater to young professionals and tourists. This sector has helped create jobs, particularly for youth, who work as waitstaff, bartenders, and security personnel during the night.

Challenges:

• Despite Johannesburg’s growing 24-hour economy, the city faces challenges with crime and public safety, which limit the willingness of businesses to operate late at night. High levels of crime have created a deterrent for potential investors, and many consumers are reluctant to move around the city at night.
  Key Takeaways for Ghana:
• Crime Prevention and Public Safety: Johannesburg’s experience highlights the importance of security in implementing a successful 24-hour economy. Without sufficient investment in policing and public safety, businesses may be hesitant to extend their hours, and consumers may avoid venturing out at night. Ghana must address similar concerns by investing in crime prevention strategies, particularly in major urban centres like Accra and Kumasi.
• Developing the Retail and Entertainment Sectors: Johannesburg’s experience shows that a thriving retail and entertainment industry can drive the growth of a 24-hour economy. Ghana can focus on expanding these sectors, offering incentives for businesses to remain open late and attracting more tourists and local consumers to engage in nighttime activities.

4.4 Lessons for Ghana

From these case studies, several lessons emerge for Ghana as it considers implementing a 24-hour economy:

1. Infrastructure Investment: Countries that have successfully implemented 24-hour economies have invested heavily in infrastructure, particularly public transport, energy, and telecommunications. Ghana must upgrade its infrastructure to ensure the continuous operation of businesses and services.
2. Safety and Security: Security is critical to the success of a 24-hour economy. Ghana must ensure that citizens feel safe to move about at night by investing in better policing, street lighting, and crime prevention initiatives.
3. Tourism and Entertainment: Expanding the tourism and entertainment sectors would provide a significant boost to Ghana’s 24-hour economy. By keeping attractions open later and promoting nighttime activities, Ghana could attract more international visitors and create jobs in these industries.
4. Cultural Shifts and Adaptation: A successful transition to a 24-hour economy requires a shift in mindset. Businesses must be willing to adapt to extended hours, and consumers must be open to engaging in late-night economic activities. Incentives for businesses and public awareness campaigns could help ease this transition.
5. The Way Forward – Is Ghana Ready for a 24-Hour Economy?

Ghana's structural challenges—dependence on commodities, high unemployment rates, infrastructure deficiencies, and slow industrialization—highlight the need for bold and innovative solutions to revitalize the economy.

A 24-hour economy has the potential to unlock significant growth, create jobs, and maximize productivity. However, whether Ghana is ready for such a shift depends on several key factors. In this section, we will assess Ghana’s readiness and outline the steps policymakers need to take to make a 24-hour economy a reality.

5.1 Policy Recommendations for Implementing a 24-Hour Economy

The successful implementation of a 24-hour economy in Ghana will require coordinated action from the government, the private sector, and civil society. Several policy recommendations must be considered to ensure the shift is both practical and beneficial.

Strengthening Infrastructure: One of the fundamental pillars of a 24-hour economy is strong and reliable infrastructure. Ghana’s road network, energy supply, and telecommunications systems will need significant upgrades to support continuous business operations. For example, improvements in road maintenance, the expansion of urban transport networks, and the provision of 24-hour electricity will be essential. The government must prioritize infrastructure projects that enable businesses to remain operational around the clock. Public transport systems, especially in major cities like Accra, Tema, Kumasi, and Takoradi, must also be expanded and made reliable at night. Introducing night buses, extended taxi services and ride-hailing platforms such as Uber or Bolt could ease the movement of workers and customers, facilitating a seamless transition to 24-hour operations.

Enhancing Security: Ensuring safety is paramount for a 24-hour economy to succeed. Businesses and consumers must feel confident about working and moving around at night. Ghana’s current security framework will need to be bolstered to meet these demands. Policymakers should focus on increasing police presence in urban centres, investing in surveillance systems (such as CCTV), and improving street lighting, especially in high-traffic commercial areas. Furthermore, community policing programs could be expanded to ensure that both businesses and individuals feel safe engaging in nighttime activities. Implementing neighbourhood watch systems and establishing rapid response units for emergencies could help alleviate concerns about crime.

Incentivizing Businesses to Operate 24/7: Businesses may be hesitant to extend their hours unless they see a clear benefit. The government can provide incentives such as tax breaks, subsidies, or reduced utility costs for businesses that agree to operate round-the-clock. Additionally, easing restrictions on business licensing and providing grants for small businesses to cover the costs of extending hours could help encourage participation in the 24-hour economy. The private sector, particularly in retail, hospitality, manufacturing, and logistics, will play a critical role in driving the 24-hour economy forward. Collaboration between businesses and the government to promote the benefits of continuous operations is crucial for success. Public-private partnerships can be instrumental in sharing the cost of infrastructure upgrades and security enhancements.

Encouraging Foreign Direct Investment (FDI) and Diaspora Direct Investment (DDI):

Foreign investment, alongside Diaspora Direct Investment (DDI), will be crucial for financing the infrastructure and services required to support a 24-hour economy. Ghana should position itself as an attractive hub for both foreign businesses and diaspora investors, particularly those looking to establish operations that benefit from extended hours, such as multinational retail chains, call centres, logistics companies, and service-oriented industries. A key emerging opportunity for DDI comes through Eco-6's AKL Lumi, a currency backed by solar energy and gold, providing a unique platform for the African diaspora to invest in Africa's development.

Countries like Nigeria are already receiving funding through the AKL Lumi initiative, which is helping the Central Bank of Nigeria integrate and stabilize sectors like tourism. Notably, Nigeria is using these funds for the IPADA Motherland Projects, which include the production of six cruise ships aimed at connecting the African diaspora and enriching cultural heritage. This ambitious project, requiring an estimated 1.5 million metric tons of steel, is expected to create numerous jobs and stimulate Nigeria’s economy, especially in tourism and manufacturing. Through tapping into the AKL Lumi funding mechanism, Ghana can similarly strengthen its economy, providing the government with fiscal space to invest in critical infrastructure projects, including healthcare, education, ocean trade, agriculture, and green energy. The alignment of this gold-backed currency with the Bank of Ghana’s introduction of the gold coin enhances the nation’s financial resilience and offers new pathways for sustainable development. The Ghana Investment Promotion Centre (GIPC) can play a central role in promoting these opportunities, positioning Ghana as a prime destination for foreign businesses and diaspora investors alike. By leveraging investments in sectors such as manufacturing, telecommunications, tourism, and renewable energy, Ghana can unlock the full potential of a 24-hour economy, foster economic resilience, and enhance job creation.

5.2 Potential Obstacles to Overcome

While the potential benefits of a 24-hour economy are substantial, several obstacles could hinder its implementation in Ghana. Policymakers will need to anticipate and address these challenges to ensure a smooth transition.

Socio-Cultural Resistance: Cultural factors play a significant role in shaping people’s perceptions of work and leisure. In Ghana, the concept of a 9-to-5 workday is deeply ingrained, and many businesses may be reluctant to adopt extended hours due to concerns about profitability or demand. Likewise, employees may be resistant to working night shifts, which could disrupt family and social life.

This could lead to initial hesitation among both businesses and consumers. To overcome these cultural barriers, public awareness campaigns highlighting the benefits of a 24-hour economy—such as job creation, increased convenience, and improved services—can help shift public perception. Additionally, offering financial incentives, such as higher wages for night shifts or bonuses for businesses that operate around the clock, could help ease the transition.

Environmental Concerns: Operating businesses and services 24 hours a day will increase energy consumption, potentially leading to environmental concerns. While Ghana has made progress in expanding renewable energy sources, such as solar power, the country remains heavily reliant on fossil fuels for electricity generation. Increased demand for power during the night could strain the country’s energy supply and contribute to carbon emissions. To mitigate this, Ghana should prioritize the expansion of renewable energy capacity to power a 24-hour economy sustainably. This could include investments in solar, wind, and hydropower projects to ensure that increased energy demand does not harm the environment. Energy-efficient technologies, such as LED lighting and smart energy grids, could also help businesses reduce their carbon footprint while benefiting from round-the-clock operations.

Balancing Labor Market Dynamics: The labour market will need to adjust to the demands of a 24-hour economy. Workers in sectors such as retail, hospitality, and healthcare will need to be willing and able to work night shifts. However, night work can present challenges in terms of work-life balance, physical and mental health, and worker productivity. Policymakers and employers must ensure that labour laws are adapted to protect workers' rights, particularly concerning fair compensation, adequate rest periods, and safe working conditions. Night-shift workers should receive appropriate compensation for working outside normal hours, which could include higher wages or additional benefits. Moreover, businesses must ensure that adequate support systems, such as transportation and childcare, are in place to help workers navigate the demands of a 24-hour work schedule.

5.3 The Role of Leadership and Public-Private Partnerships

Leadership will be critical to driving the adoption of a 24-hour economy in Ghana. Policymakers must take a proactive approach, championing the benefits of a 24-hour economy and working with businesses and civil society to address concerns. Strong leadership from the Ministry of Trade and Industry, the Ministry of Employment, and the Ministry of Finance will be essential in implementing the necessary reforms, creating an enabling environment for businesses, and ensuring that the transition is inclusive and sustainable.

Public-Private Partnerships (PPPs) will also play a crucial role in financing and managing the transition to a 24-hour economy. By partnering with private companies, the government can share the costs of infrastructure development, security, and other essential services. For example, private sector participation in public transportation projects, energy generation, and technology infrastructure will be critical for ensuring that Ghana’s economy can function smoothly around the clock. Collaboration between government and private stakeholders can also help identify sectors that stand to benefit the most from extended hours of operation. Targeted investments in manufacturing, logistics, and tourism, for example, could generate significant economic returns while creating new employment opportunities.

Conclusion

The structure of the Ghanaian economy has evolved over the past six decades, but many of the same challenges persist an over-reliance on raw commodity exports, high levels of unemployment and underemployment, inadequate infrastructure, and fiscal constraints. These structural issues have hindered Ghana's progress toward sustainable and inclusive development. The introduction of a 24-hour economy offers a bold and innovative solution to these challenges, potentially unlocking new opportunities for growth, job creation, and productivity. However, transitioning to a 24-hour economy will require significant investments in infrastructure, security, and labour market reform. Policymakers must work closely with the private sector to create an enabling environment that supports continuous business operations.

Additionally, cultural shifts will be necessary to adapt to new patterns of work and consumption, while ensuring that workers are adequately compensated and protected. As Ghana seeks to position itself as a leading economy in West Africa, adopting a 24-hour economy could be a transformative step toward achieving long-term economic prosperity. By learning from global examples and tailoring the model to its unique context, Ghana has the potential to build a more resilient, inclusive, and dynamic economy that operates beyond the traditional limits of time.