I won’t repeat Nkrumah’s industrialisation mistakes -Akufo-Addo
President Akufo-Addo has vowed not to repeat the mistakes of late
President Dr Kwame Nkrumah with regards to the nature of ownership of
businesses in Ghana.
According to President Akufo-Addo, although Dr Nkrumah had a great
vision for industrializing Ghana, his (Nkrumah’s) decision to make most
of the enterprises built during his tenure state-owned failed to deliver
the economic dividends for which they were set up.
The president made this observation in a statement read on his behalf
by Senior Minister Yaw Osafo-Maafo at the 16th edition of the Ghana
Club 100 Awards on Thursday, November 30, in Accra.
Osafo-Maafo (4th right) with Finance Minister Ken Ofori Atta, Business Development Minister Mohammed Awal and Chief Executive Officer of GIPC present an award to one of the top three winners |
He expressed his administration’s intention to make a departure from state ownership of industries to private ownership.
Newmont Golden Ridge Limited emerged Ghana’s topmost company,
followed by MTN Ghana Limited and GOIL in the second and third positions
respectively in the awards that rank a total of 100 companies in Ghana
in terms of size, profitability and growth.
Right from independence in 1957 to the early 1960s under President Dr
Kwame Nkrumah, Ghana embarked on an ambitious industrialization
programme.
However, President Akufo-Addo expressed regret that the country could
not benefit from its industrialization campaign at the time as it was
expected, due to the ownership structure of most of the industries that
were established.
“Ghana’s first industrial surge was recorded in the 1960s, directly
after our independence, Dr. Kwame Nkrumah initiated the establishment of
more than 300 state-owned enterprises to operate in all sectors of
economic activity,” President Akufo-Addo underscored.
He added, “Virtually, from the skies – Ghana Airways – through
investments in power, petroleum, fisheries, textiles, insurance,
financial services, to the ground – agriculture. The Government of Ghana
initiated, staffed, funded, managed and rendered accounts, by itself to
itself.”
He observed that his administration could not afford to repeat the
same mistakes of the Nkrumah regime, and has therefore decided that the
private sector rather than the state should own the nation’s
enterprises.
Government, he said, would rather concentrate on providing an enabling environment for private businesses to thrive.
“Government is also working hard to improve the infrastructure in our
cities – roads, railways, ports, aviation, communication, as well as
the rural areas – where we must add value to our time and make it easier
to do business in Ghana,” he said, adding that faster and less costly
import and export practices should lead to investments in better
technology and machinery that will boost productivity and scale up
volumes from our local industries,” President Akufo-Addo stressed.
To that end, he urged private businesses to step up their game in
areas like information technology, research, design and form
partnerships.
“It is our vision and drive that Ghanaian businesses first, develop
themselves, and drive towards strategic partnerships with foreign
investors with a common goal, create opportunities, wealth and jobs,” he
urged.
He stressed, “Invest in research, design, innovation and talent.
Partner with ambitious Ghanaians and non-Ghanaians to execute with
technology and meet global standards.”
By so doing, according to the president, private businesses in the
country will be better positioned to lead and own the industrialization
process.
To the Club 100 awardees comprising several rural banks, the
president charged, “Once you’re in the 100 you cannot make it business
as usual; you should try to improve your business.”
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