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.
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.”
Source: Daily Guide
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Leave Nana alone! Ghanaians have given him a great task. To bring Ghana out of the woods Mills and Mahama sent us into. This is his preoccupation. Those who think Nkrumah is the their god are yet to see the realities of life. Note that Mugabe has been booted out of office by his own lieutenants. For those who are comparing American free market economy to the Chinese market economy without any clear definition they should look for the meaning of property ownership and understand what is meant by nationalisation and private property ownership. Note also that Zimbabwe is talking of compensating people whose lands were forcefully taken and understand what is meant by the rule of law. No one in Ghana will ever dream of matching Nkrumah! Where in Ghana now will one deceive their colleagues and get away with it? Who will ever meet billions of dollars in the state coffers on assuming office in Ghana as Nkrumah did and leave office 9 to 15 years as one of the most indebted nations on the continent without potable water for about 95% of the population? Nkrumah's record is unique indeed. With more than 3000 political prisoners after his overthrow, no even Rawlings and his 'HAND OVER TO WHO" P(NDC) could get anywhere near him. Yes, private people will be encouraged to own their businesses and if they fail to manage them well they bear the consequences. Never in Ghana will anyone repeat the "guinea fowl" scenario.
To expose the deceptive nature of the presidents statement,I will put it very simple for every one to make their own judgement.Lets look at all the state enterprises build by Nkrumah and were sold example the Ghana Water and Sewage Corporation now the private own Ghana water company is it performing better?Then look at the capital of private business ownership America and compare it with the capital of State Ownership CHINA who is doing better?So you see how flawed the president thinking and those who think like him are?When leaders are llaazzyy and uncreative they try to talk about private ownership because they lack the ability of their own to think and create and that is what Nana Addo is looking like.If you dont think or zou are blind supporter you may think he is talking sense.
@ Afia Ba Baako, how do u understand, " creating the enabling environment"? We shd not rush to expose our ignorances.
@nanaba Wo maaame tw3 3000 wati !!
please my co-ghanaians, let's compare the very nature of the state own and that of the private owned businesses and make conclusion. You could see that the state own is very low towards productivity whilst the the private sector is booming in production. How? This due to the matter of pilfering and malingering and also poor attitudes towards work on the part of you and I being placed in the public sector businesses. This is what Mr. president wants to do away with enabling the state enterprises to embrace production so that we tha citizens could meet the better standards of living. Please and please again to my fellow ghanaians , let's do well to cope Mr. President to direct the narion (mother ghana) to a better destination thanks.
Why are Ghanaians do evil and ***barred word*** like that? The man said when it comes to ownership,the enterprises he is about to ser up wont be state owned but rather private ownership is what he would encourage...and what is wrong with that.people are just ***barred word*** in this country!!!
Someone should tell President Nana Addo to stop disgracing himself. You tried to change the birthday of this man called Nkrumah and Ghanaians descended and shame you and stop. And you are back again talking Nkrumah's mistakes. Just within 11 months you have made a lot of mistakes ands mess in your government more the entire era of Nkrumah and you are not looking at how to correct your own mistakes and here hypocritical talking about Nkrumah.Leave NKrumah alone. Is not because of Nkrumah that Ghanaians voted for you.We voted for jobs,better living, access to good drinking water,low transport, low electricity tariffs etc....wake up for Ghanaians and stop hypocrisy.
People ***barred word*** paa oo! Ah! Nkrumah isn't his equal fine but did the president say anything about being his equal? You're too ***barred word***. Thank you.
Mr.President it will be better with your governors to tax marijuana and rise better funds that will yield billions for your developmental project.Think about the positive side and not the negative side of marijuana.Kofi anan is a wise mature person who also said we must tax marijuana. Mr.President l also support your bullet train, free school programme and industrialization.Please find a reliable private companies to handle all this good idea and 15000 workers as your record, also negotiate wisly like 50/50 percentage but not like our Oil and gas 90/10 percentage to Ghanaian which sound very unreasonable for mature authorities to do.Salary of a Ghanaian pravite worker takes 400ghc while by now a salary worker should be taking 800ghc so that such person can take care of his small family.Consider my words as your secret go and will be 10 time better more Nkrumah because as a leader your aim is to break records not to complain,making mistake is part of your success.Alllow foreign investors to develop Ghana but not to fight them like Nkrumah did
This is totally an insult to our dear nation In fact when are u people going to stop all these lies just in the name of pleasing people?This is bad,Mr President.