Former President John Agyekum Kufuor has shared concerns about how Ghana’s economy has been managed over the years.
He said that too much government control in business pushed aside private entrepreneurs and slowed down growth.
He spoke at the first Legacy Dialogue Series event in Accra on Tuesday, April 14, organised by the Design and Technology Institute.
Mr Kufuor explained that after independence, Ghana chose a system where the government handled most industries.
According to him, this meant the private sector, people who start and run their own businesses, was not given enough space to grow.
In simple terms, he said, instead of encouraging individuals to take risks and create businesses, the state controlled many sectors.
He pointed out that many businesses were run by the government, like state farms and other state-owned companies.
This, he said, reduced innovation and made it harder for businesses to expand because decisions were slowed down by bureaucracy.
Kufuor also believes that this approach caused many early private businesses to collapse. He said the government at the time did not fully understand how important it was for the private sector and the state to work together to create wealth.
Because of this, Ghana missed the chance to build a strong and independent business community.
Looking back at his time as president, Mr Kufuor said he tried to change this situation. He focused on rebuilding trust in the private sector and encouraging business growth.
He said his goal was to bring businesses back to life and create what he called a “golden age” for private enterprise.
His comments come at a time when many people are again discussing how Ghana can improve its economy, especially by supporting entrepreneurs, attracting investors, and reducing dependence on government-led businesses.
