Former President John Agyekum Kufuor has called for a reorientation of Ghana’s economic model, arguing that excessive state control in the early post-independence era weakened private enterprise and slowed long-term industrial growth.
Speaking at the inaugural Legacy Dialogue Series in Accra on Tuesday, April 14, organised by the Design and Technology Institute, the former President said Ghana’s development path historically placed too much emphasis on state-led industrialisation at the expense of entrepreneurship.
He noted that the post-independence economic structure of the then Gold Coast evolved into a system where government became the dominant actor in industry, limiting space for private initiative.
According to him, this approach reduced the role of entrepreneurs and replaced innovation-driven enterprise with bureaucratic systems that constrained growth.
“So it was State Farm, state this, state that, leaving out the private sector,” he said, describing what he sees as an overreliance on state-owned enterprises.
Mr Kufuor argued that many early private businesses that could have formed the backbone of Ghana’s industrial development were weakened or displaced under the state-led model.
He added that the lack of collaboration between the state and private sector undermined wealth creation and slowed the emergence of a strong domestic business class.
Reflecting on his own tenure in office, the former President said his administration deliberately shifted policy direction to restore confidence in private enterprise and encourage investment.
“I thought I should emphasise the necessity to bring back business to usher in the golden age of business,” he stated.
His remarks add to ongoing national discussions about how Ghana can rebalance its economy to better support entrepreneurship, attract private capital, and strengthen job creation through market-driven growth.
