State Dominance Has Weakened Private Sector Growth - John Agyekum Kufuor

Former President John Agyekum Kufuor has criticised Ghana’s economic direction, warning that prolonged state control over industry weakened entrepreneurship and limited private sector development.

Speaking at the inaugural Legacy Dialogue Series in Accra, organised by the Design and Technology Institute, he argued that Ghana’s post-independence economic model prioritised state-led industrialisation at the expense of private initiative.

According to him, the dominance of state-owned enterprises replaced entrepreneurial risk-taking with bureaucracy, restricting innovation and business expansion. He noted that industries were largely controlled by government entities, which sidelined private participation.

The former president added that this approach contributed to the decline of early private businesses that could have formed the backbone of Ghana’s industrial growth. He stressed that insufficient collaboration between the state and private sector weakened wealth creation and hindered the emergence of a strong business class.

Reflecting on his tenure, Mr. Kufuor said his administration sought to restore confidence in private enterprise and promote what he described as a “golden age of business.”

His comments come amid renewed discussions on rebalancing Ghana’s economy through policies that encourage entrepreneurship, attract private investment, and reduce reliance on state-led growth.