Flagbearer of the National Democratic Congress, John Mahama says tax incentive will be granted businesses who sign up for the 24 economy policy.
The proposal is part of measures being adopted to boost the local economy through job opportunities for the youth.
He further explained, “businesses will be encouraged to sign up with tax incentives provided for them and enhanced security and lower electricity tariffs after peak hours. Special meters will be employed to provide what is known as time of use tariffs to deliver cheaper power to such businesses during hours of 10am and 6am”.
Over the years, unemployment has become one of the major setbacks of the economy.
In 2017, data from the Institute of Statistics, Social and Economic Research (ISSER) of the University of Ghana, showed only 10 percent of graduates find jobs after their first year of completing school.
The research further revealed it can take up to 10 years for a large number of them to secure employment.
Ghana Statistical Service report for the third quarter of 2022 pegs unemployment at 1.7 million in all the three quarters of the year.
Already, government is considering a vibrant night economy as an unemployment reduction policy.
John Mahama in reacting to the policy in the 2024 budget said, “I am disheartened that my recent suggestion of operating a 24 hours economy in Ghana has been heard by the Finance Minister as he mentioned in his recent budget statement in the form of what he called the night economy”.
The former President has emphasized his policy statement goes beyond the government’s proposal which focus on boosting tourism.
The NDC’s proposal will include the operation of a three shift system by industries and commercial entities on daily basis.
“Heightened security needed for the twenty four economy will also provide for safer cities and thereby in effect boost tourism. This 24 hour economy initiative will be voluntary,” he added.