A 24-hour economy refers to the economic system where businesses and services operate around the clock, seven days a week.
This includes sectors such as retail, hospitality, healthcare, transportation, and more. Several countries have cities that are known for their 24-hour economies.
The idea behind a 24-hour economy is to increase economic productivity, provide convenience, and accommodate diverse work schedules.
It can lead to increased employment opportunities and better utilization of infrastructure.
However, it also presents challenges such as increased operational costs, the need for additional staffing, and potential social and health impacts on workers who engage in non-traditional work hours.
Here are the countries that practice 24-hour economy:
- United States: Major cities like New York (often referred to as “the city that never sleeps”, Las Vegas, and Los Angeles have vibrant 24-hour economies with businesses, entertainment, and services operating continuously.
- United Kingdom: London has many 24-hour services, including transportation, restaurants, and entertainment venues.
- Japan: Cities like Tokyo are known for their bustling nightlife, 24-hour convenience stores, and round-the-clock public transportation.
- South Korea: Seoul is famous for its late-night shopping, 24-hour cafes, and extensive public transportation system that operates late into the night.
- Australia: Sydney and Melbourne have developed 24-hour economies with late-night dining, entertainment, and transportation options.
- France: Paris, although not entirely a 24-hour city, has many services and businesses that operate late into the night, especially in certain districts.
- China: Cities like Shanghai and Beijing have a vibrant nightlife, 24-hour restaurants, and late-night public transportation options.
- Germany: Berlin is known for its 24-hour nightlife, with clubs, restaurants, and certain public transport services operating continuously.
Some African countries have implemented 24-hour economies, particularly in their major cities.
These economies are characterised by businesses, services, and activities operating around the clock.
Here are some notable examples:
- Nigeria: Lagos, the commercial hub, operates a vibrant 24-hour economy with activities in banking, entertainment, transportation, and retail continuing throughout the night.
- Kenya: Nairobi, the capital city, has several sectors like transportation, hospitality, and retail that operate 24/7. The Jomo Kenyatta International Airport, one of Africa’s busiest airports, also supports this around-the-clock activity. South Africa: Johannesburg and Cape Town are known for their 24-hour operations, particularly in the retail, entertainment, and transport sectors.
- Egypt: Cairo, as a major metropolitan area, has a robust 24-hour economy with a thriving nightlife, round-the-clock transportation services, and the continuous operation of many businesses.
Ghana to start a 24-hour economy:
President John Dramani Mahama has elaborated on his ambitious 24-hour economy policy.
According to him, the policy aims to address Ghana’s pressing issues of youth unemployment and production deficits by transitioning to a round-the-clock economic model.
He emphasised that the 24-hour economy initiative is a potential game-changer, supporting import substitution strategy by promoting local production for both domestic and export markets.
Under Mahama’s 24-hour economy policy, businesses and government institutions would operate 24/7, employing a three-shift system.
This approach aims to double, or even triple, the number of jobs available in both public and private sectors, thereby enhancing service delivery and generating well-paying jobs.
There have been a series of divergent views and discussions about a 24-hour economy proposed by Mahama.
A 24-hour economy usually extends productivity from daytime into night to afford opportunities to business owners and consumers.
As of now, several Private Companies and individuals operate a 24-hour economy in Ghana, especially hotels, transport, some media houses and restaurants.
The policy will be expanded to include manufacturing and other industries.
