1-District,1-Factory Akufo-Addo says he won’t repeat Nkrumah’s industrialisation mistakes

A speech read o behalf of the President by the Senior Minister Nana Yaw Osafo Marfo said Nkrumah's decision to lead a state-led industrial revolution failed to yield the desired results.

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play President Nana Addo Dankwa Akufo-Addo
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President Nana Akufo-Addo says his administration intends to make a departure from state ownership of industries, a policy pursued aggressively by Ghana's first President, Kwame Nkrumah -- to private ownership.

A speech read o behalf of the President by the Senior Minister Nana Yaw Osafo Marfo said Nkrumah's decision to lead a state-led industrial revolution failed to yield the desired results.

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He was speaking at the16th edition of the Ghana Club 100 Awards on Thursday, November 30, in Accra.

“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 noted.

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.”

President Akufo-Addo notes that his government will provide the enabling environment for businesses to thrive instead of directly establishing industries.

"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.

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He added 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."

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