{"id":60492,"date":"2023-11-24T16:21:28","date_gmt":"2023-11-24T16:21:28","guid":{"rendered":"https:\/\/www.africa-press.net\/ghana\/uncategorized\/24-hour-economy-vrs-blue-economy-razak-kojo-opoku-writes"},"modified":"2023-11-24T17:29:17","modified_gmt":"2023-11-24T17:29:17","slug":"24-hour-economy-vrs-blue-economy-razak-kojo-opoku-writes","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/ghana\/all-news\/24-hour-economy-vrs-blue-economy-razak-kojo-opoku-writes","title":{"rendered":"24-Hour Economy Vrs Blue Economy: Razak Kojo Opoku Writes"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong>Africa-Press &#8211; Ghana. <\/strong><\/span><b>There have been series of divergent views and discussions about a 24-hour economy proposed by 2024 Presidential Candidate of the NDC and a Blue Economy which has been proposed by the 2024 Presidential Candidate of the NPP.<\/b><\/p>\n<p>These discussions have centered on the feasibility or practicality of these policies and its long-term benefit for Ghanaians.<\/p>\n<p>Below are my objective views about the two policies:<\/p>\n<p>24-HOUR ECONOMY<\/p>\n<p>A 24-hour economy is an economic model whereby the whole or part of the architecture or infrastructure of the economy adjusts to support 24-hour operations of businesses, factories, government services, restaurants, shops, healthcare delivery, banking and other services throughout the day and night.<\/p>\n<p>A 24-hour economy usually extends productivity from day-time into the night to afford opportunities to business owners and consumers.<\/p>\n<p>It is very critical to note here that, the policy of digitalization alone cannot ensure a 24-hour economy. Not all businesses and services operating on 24-hour economy uses digitalization.<\/p>\n<p>As at now, a number of Private Companies and individuals operate 24-hour economy in Ghana especially Hotels, Transport, some Media Houses and Restaurants. The policy can be expanded to include the manufacturing and other industries.<\/p>\n<p>Some of the benefits of a 24-hour economy are as follows:<\/p>\n<p>1. Increases employment opportunities to the citizens especially the youth.<\/p>\n<p>2. Enhance business-business opportunities and competitiveness.<\/p>\n<p>3. Optimum utilization of resources especially idle resources in a company or an organization.<\/p>\n<p>4. Increase spending in the economy<\/p>\n<p>5. Boost tourism<\/p>\n<p>6. Increases employees\u2019 productivity<\/p>\n<p>7. Reduces staffing costs to companies\/organizations<\/p>\n<p>8. Increases economies of scale for manufacturing industries.<\/p>\n<p>Globally, countries that are known to be at the forefront of successfully practicing a 24-hour economy include: USA, Canada, France, UK, China, Japan, United Arab Emirates, Singapore, Australia, Germany and many others.<\/p>\n<p>Some of the challenges of a 24-hour economy are as follows:<\/p>\n<p>1. Security<\/p>\n<p>2. Reliable supply of electricity (Energy is one of the backbone of 24-Hour economy)<\/p>\n<p>3. Transport systems<\/p>\n<p>4. Lack of sustainable legal framework or policy guidelines to support the operations of 24-hour economy.<\/p>\n<p>5. Nuisance taxes and high interest rates on loans.<\/p>\n<p>The 24-hour economy is an excellent economic model but there are some gaps and questions that demand answers from the 2024 Presidential candidate of the NDC; including \u2013<\/p>\n<p>1. how the 24-hour economy policy will be implemented and the cost involved in setting up the infrastructure to support the policy?<\/p>\n<p>2. Will there be any incentives or packages for the Private sector that will actively participate in the policy?<\/p>\n<p>3. Can the 24-hour economy helps Ghana to stop going to the IMF for bailouts and unnecessary conditionalities?<\/p>\n<p>4. Can we rely on 24-hour economy to reduce the Country\u2019s Debt-to-GDP Ratio?<\/p>\n<p>5. Can the 24-hour economy help us to solve the problems of higher inflation rates and the depreciation of the Cedi against some major trading currencies?<\/p>\n<p>6. Will there be a sustainable shift system for the employees of Government institutions who will actively be involved in 24-hour economy or will the model follow the current shift system of the Security Agencies and the Healthcare industry?<\/p>\n<p>7. Will there be a new Salary Structure for the employees of both the Private Sector and the government institutions that are involved in the 24-hour economy?<\/p>\n<p>8. Does the track record of the 2024 NDC Presidential Candidate supports the 24-hour economic policy?<\/p>\n<p>The answers to these questions will not only help with the ongoing debate but also amass support for the policy should the former President continue to run with the idea.<\/p>\n<p>BLUE ECONOMY<\/p>\n<p>The Blue economy is about conserving the marine (sea\/ocean) and freshwater environments while utilizing resources in the sea\/ocean\/freshwater in a sustainable way to produce Food and Energy aimed at attaining economic growth for a country.<\/p>\n<p>According to the World Bank, Blue Economy is the \u201csustainable use of ocean resources for economic growth, improved livelihoods and jobs while preserving the health of ocean ecosystem.\u201d<\/p>\n<p>European Commission also defined Blue Economy as \u201call economic activities related to oceans, seas and coasts\u201d.<\/p>\n<p>This policy was hinted at by the Vice President with a promise to prioritize it in the NPP\u2019s 2024 manifesto.<\/p>\n<p>Some of the benefits of the blue economy are as follows:<\/p>\n<p>1. Fisheries and Aquaculture improvement (Food Security)<\/p>\n<p>2. Tourism<\/p>\n<p>3. Maritime Transport<\/p>\n<p>4. Offshore Renewable Energy<\/p>\n<p>5. Seabed Extractive Activities<\/p>\n<p>6. Marine biotechnology<\/p>\n<p>7. Bioprospecting<\/p>\n<p>8. Employment opportunities<\/p>\n<p>Globally, countries that are known to be at the forefront of successfully practicing a blue economy are: Kenya (the blue economy is a pillar of Kenya\u2019s vision 2030 Development Programme), Vietnam, Denmark, Norway, Samoa, India, China, Trinidad and Tobago, Tunisia, Gambia, Portugal, Costa Rica and several others across the world.<\/p>\n<p>Some of the challenges of the blue economy include:<\/p>\n<p>1. Illegal Mining Activities (Galamsey) leading to ocean \/sea\/freshwater pollution<\/p>\n<p>2. Climate Change<\/p>\n<p>3. Security Threats on Ocean\/seas\/freshwater<\/p>\n<p>4. Overexploitation of marine\/freshwater resources<\/p>\n<p>5. Logistics<\/p>\n<p>6. Energy<\/p>\n<p>7. Dispossession and Displacement<\/p>\n<p>8. Ocean grabbing<\/p>\n<p>9. Lack of effective legal framework or policy guidelines for ocean\/sea\/freshwater governance.<\/p>\n<p>Although, the blue economy is an excellent economic model, there are some gaps and questions that demand answers from the 2024 Presidential Candidate of the NPP; including \u2013<\/p>\n<p>1.how the blue economic policy will be implemented and the cost involved in setting up the infrastructure to support the policy?<\/p>\n<p>2. Can the blue economy helps Ghana to stop going to the IMF for bailouts and unnecessary conditionalities?<\/p>\n<p>3. Can we rely on the blue economy to reduce the country\u2019s Debt-to-GDP Ratio?<\/p>\n<p>4. Can the blue economy help us to solve the problems of higher inflation rates and the depreciation of the Cedi against the major trading currencies?<\/p>\n<p>5. Can we trust the blue economy policy proposed by the 2024 NPP Presidential Candidate considering the current state of the Government\u2019s 1 Village 1 Dam Policy?<\/p>\n<p>6. How would Ghanaians fully support the blue economic policy when the Government is struggling to achieve meaningful success with the green economy due to galamsey activities?<\/p>\n<p>7. What role will the Private Sector play in the blue economy policy? What will be the benefits to the Private Sector?<\/p>\n<p>8. Does the track record of 2024 NPP Presidential Candidate support the blue economic policy?<\/p>\n<p>Again, the answers to these questions will not only help with the ongoing debate but also amass support for the policy should the Vice President continue to sell the idea.<\/p>\n<p>Indeed, the 2024 general election will be an interesting one. We only pray for life and God\u2019s Grace.<\/p>\n<p><b>Source: News Ghana<\/b><\/p>\n<p><strong>For More News And Analysis About <a href=\"https:\/\/www.africa-press.net\/ghana\">Ghana<\/a> Follow <a href=\"https:\/\/www.africa-press.net\/\">Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Ghana. There have been series of divergent views and discussions about a 24-hour economy proposed by 2024 Presidential Candidate of the NDC and a Blue Economy which has been proposed by the 2024 Presidential Candidate of the NPP. These discussions have centered on the feasibility or practicality of these policies and its long-term [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":60491,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,6],"tags":[5092,5096,429],"class_list":["post-60492","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-files","tag-africa-press","tag-africa-press-ghana","tag-ghana"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>24-Hour Economy Vrs Blue Economy: Razak Kojo Opoku Writes - Ghana<\/title>\n<meta name=\"description\" content=\"There have been series of divergent views and discussions about a 24-hour economy proposed by 2024 Presidential Candi ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/ghana\/all-news\/24-hour-economy-vrs-blue-economy-razak-kojo-opoku-writes\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"24-Hour Economy Vrs Blue Economy: Razak Kojo Opoku Writes\" \/>\n<meta property=\"og:description\" content=\"There have been series of divergent views and discussions about a 24-hour economy proposed by 2024 Presidential Candi ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/ghana\/all-news\/24-hour-economy-vrs-blue-economy-razak-kojo-opoku-writes\" \/>\n<meta property=\"og:site_name\" content=\"Ghana\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-24T16:21:28+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-11-24T17:29:17+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2023\/11\/sm_1700834161.309171.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/24-hour-economy-vrs-blue-economy-razak-kojo-opoku-writes#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/24-hour-economy-vrs-blue-economy-razak-kojo-opoku-writes\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"24-Hour Economy Vrs Blue Economy: Razak Kojo Opoku Writes\",\"datePublished\":\"2023-11-24T16:21:28+00:00\",\"dateModified\":\"2023-11-24T17:29:17+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/24-hour-economy-vrs-blue-economy-razak-kojo-opoku-writes\"},\"wordCount\":1057,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/24-hour-economy-vrs-blue-economy-razak-kojo-opoku-writes#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2023\/11\/sm_1700834161.309171.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Ghana\",\"ghana\"],\"articleSection\":[\"all news\",\"files\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/ghana\/all-news\/24-hour-economy-vrs-blue-economy-razak-kojo-opoku-writes#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/24-hour-economy-vrs-blue-economy-razak-kojo-opoku-writes\",\"url\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/24-hour-economy-vrs-blue-economy-razak-kojo-opoku-writes\",\"name\":\"24-Hour Economy Vrs Blue Economy: Razak Kojo Opoku Writes - 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