Former President John Agyekum Kufuor has delivered a sweeping critique of Ghana’s economic trajectory, warning that years of state dominance in industry pushed out entrepreneurs and weakened the foundations of private sector growth.
Speaking at the inaugural Legacy Dialogue Series in Accra on Tuesday, April 14, organised by the Design and Technology Institute, he argued that Ghana’s post-independence model systematically sidelined private initiative, with long-term consequences for growth and job creation.
“Gold Coast that became Ghana, insisted on the state taking the risk for growing industry and keeping the private sector. We took that risk taker out of growing our economy.”
He explained that the dominance of state-owned enterprises replaced entrepreneurial drive with bureaucracy, limiting innovation and constraining enterprise expansion.
“So it was State Farm, state this, state that, leaving out the private sector.”
According to the former president, the outcome was not only a policy imbalance but also the collapse of early private businesses that could have anchored Ghana’s industrial base.
“They were all destroyed by the state because it seems like the state hadn’t appreciated the necessity for the private sector venture to cooperate with the state to generate wealth.”
He stressed that this approach ultimately undermined wealth creation, leaving the country without a strong and resilient business class.
Reflecting on his time in office, Mr Kufuor said his administration deliberately sought to reverse that trajectory by restoring confidence in private enterprise.
“I thought I should emphasise the necessity to bring back business to usher in the golden age of business.”
His remarks come amid renewed debate over how to rebalance Ghana’s economy, with growing calls for policies that empower entrepreneurs, attract private capital, and reduce reliance on state-led growth models.
