**Accra**: Ghana is exploring the establishment of a 24-hour economy to enhance business dynamics, supply chains, and consumer interactions. The transition hinges on Just-In-Time strategies, technology advancements, and collaborative efforts among stakeholders to ensure a smooth shift towards continuous operations in the future.
As Ghana’s economy continues its development into a prominent economic hub in West Africa, the notion of establishing a 24-hour economy is capturing significant attention. Although the transition to round-the-clock operations is not yet formalised as national policy, its potential to transform business dynamics, supply chains, and consumer interactions is gaining traction.
The Ghanaian Standard highlights the linkage between the country’s rapid urbanisation, technological advancements, and escalating consumer expectations. It notes that the transition to a 24-hour economy is not merely a discussion point but a vital component of Ghana’s economic trajectory.
Central to this prospective shift is the Just-In-Time (JIT) strategy. This operational methodology, which minimises inventory by delivering goods precisely when required, could be instrumental for businesses aiming to thrive in a 24/7 economy. JIT is beneficial for retailers and logistics providers across key urban areas such as Accra, Tamale, and Kumasi, enabling them to meet rising consumer demands for quicker service while avoiding the pitfalls of excess inventory.
However, successful implementation of a JIT framework necessitates a well-structured infrastructure, dependable supplier networks, and substantial investment in technology for real-time inventory management. The Ghanaian Standard suggests that laying the groundwork now will facilitate a smoother transition when 24-hour operations become the norm.
The changes accompanying a 24-hour economy would accelerate the pace of supply chains in Ghana, with customer expectations for rapid deliveries becoming standard. E-commerce and grocery delivery sectors are already demonstrating a preference for swift service, prompting businesses to refine their lead times and streamline order-to-delivery processes. Companies like Jumia, Shopnaw, and major supermarkets such as Melcom and KFC could leverage current market conditions to enhance their logistics capabilities in anticipation of this future shift towards continuous operations.
An additional aspect to consider is the agility and resilience of supply chains. The Ghanaian business landscape presents challenges such as erratic road conditions, the absence of rail systems, and fluctuating fuel prices, necessitating a proactive approach. Companies must develop flexible resource allocation strategies, contingency plans, and alliances to navigate these challenges effectively. In particular, logistics providers operating out of Tema and Takoradi ports could bolster their setups to manage increased trade flows and accommodate irregular operating hours.
Technological advancements will serve as the backbone of Ghana’s transition to a 24-hour economy. Many businesses are reportedly adopting cutting-edge solutions, including real-time tracking, automated warehouses, and predictive analytics, but scaling these initiatives will be crucial. The implementation of Internet of Things (IoT) devices, blockchain for secure data sharing, and AI-powered demand forecasting tools could significantly enhance operational efficiency and responsiveness to market shifts.
Moreover, the transition to continuous operations will have repercussions for workforce management. Businesses are advised to begin equipping employees with the skills needed to manage sophisticated technologies and data-intensive operations, necessitating thoughtful planning around shift work and flexible scheduling. Collaborations with educational institutions and industry leaders to create talent development programmes may enable companies to cultivate a skilled workforce prepared for round-the-clock demands.
Collaboration across the supply chain ecosystem is deemed essential for successfully navigating a 24-hour economy. No single entity can thrive independently; instead, creating synergies among suppliers, logistics partners, technology vendors, and policymakers is critical. Early investment in trust-based relationships and data-sharing frameworks can establish a robust foundation for coordinated planning and responsive operations in the future.
However, as Ghana aspires to this new economic model, the challenge of balancing operational costs with potential profitability emerges. The shift to 24-hour operations will bring about increased expenses related to labour, energy, transportation, and technology. To mitigate these costs, companies should focus on optimising processes early on, exploring options such as renewable energy sources for logistics facilities and advanced inventory management techniques.
While Ghana has yet to make a definitive move towards a 24-hour economy, the call for preliminary action is evident. Stakeholders—encompassing businesses, policymakers, and supply chain leaders—are encouraged to work in unison to establish the requisite infrastructure, technological capabilities, and skilled workforce to facilitate this transformation. Transitioning to a 24/7 economy has the potential to enhance consumer satisfaction, boost productivity, and strengthen global competitiveness. Thus, strategic preparation is vital to navigate the associated challenges successfully.
Source: Noah Wire Services
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