By Laudia Anyorkor Nunoo, GNA
Tema, Aug. 12, GNA – Mr Peter Bismark Kwofie, the Executive Director of the Institute for Liberty and Policy Innovation (ILAPI), has warned that excessive regulatory requirements can undermine the implementation of Ghana’s 24-hour economy policy.
Mr Kwofie said it could limit the ability of businesses to expand their workforce and operate additional shifts.
He said the 24-hour economy required businesses to operate beyond conventional working hours, which meant employing additional workers to support night operations.
He explained that excessive certification requirements, lengthy processing times, and high compliance costs could discourage businesses from taking on additional workers.
According to him, reducing the number of certificates, processing time and costs associated with regulatory compliance would free resources for businesses to employ more people for night shifts.
He said the additional workers would also become taxpayers, thereby creating a broader revenue base for the state.
“The 24-hour economy wants businesses to work up to the following day. Here they must still comply with the laws when it comes to business regulations,” he said.
Mr Kwofie said the objective should therefore be to reduce unnecessary compliance burdens while maintaining essential standards and public safety.
A study by ILAPI, based on 600 MSMEs, found that businesses faced overlapping regulatory requirements, prolonged registration procedures and multiple licences and permits.
He said the challenges were inconsistent with the objective of developing a private-sector-led economy because businesses needed sufficient capital to expand, employ, and increase production.
He added that businesses operating under the 24-hour economy would need additional workers because it was a shift-based system.
“If we’re able to reduce the number of certificates and the number of times and the cost involved, we could have more to employ more to work in the night,” he said.
He recommended the reduction of duplicative certifications and establishing coordinated regulatory systems to allow businesses to comply more efficiently.
The ILAPI executive director said such reforms would support formalisation, expansion, and job creation, which were necessary for the success of the 24-hour economy.
GNA
Edited by Linda Asante Agyei
Reporter: Laudia Anyorkor Nunoo, GNA
[email protected]