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.

  • Published:
play President Nana Addo Dankwa Akufo-Addo
24/7 Live - Subscribe to the Pulse Newsletter!

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.

READ MORE: Gov’t encourages ‘one chief, one farm’

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.

READ MORE: 320 dams earmarked for development; 192 more in 2018

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."

Do you ever witness news or have a story that should be featured on Pulse Ghana?
Submit your stories, pictures and videos to us now via WhatsApp: +233507713497, Social Media @pulseghana: #PulseEyewitness & DM or Email: eyewitness@pulse.com.gh.

Recommended Articles

Recommended Videos




Top Articles

1 Salaries In 2018 Here are the dates public workers will be paid in 2018bullet
2 In Singapore Government to pay bonus to all citizens after surplus budgetbullet
3 David Ampofo Writes Is Ghana's cashew another cocoa?bullet
4 Taxes In Ghana 3% VAT flat rate takes off in July 1bullet
5 Retirement How to calculate your SSNIT pensionbullet
6 Youth in Sanitation module YEA calls for more companies to...bullet
7 Menzgold Ghana Don't deposit money with Menzgold – BoG...bullet
8 Collapsed Banks Assets of UT Bank and Capital Bank for salebullet
9 In Accra Susu collectors give gov’t 1 week ultimatum to...bullet
10 Excise Tax Stamp Act Gov’t threatens to sanction...bullet

Top Videos

1 New Discovery Ghana discovers new mineral, lithium in commercial quantitiesbullet
2 Forbes 2018 Africa's billionaires rich listbullet
3 Money Alert Meet Africa's richest womanbullet
4 Support Finance minister buys Kantanka carbullet
5 Dr Joseph Siaw Agyepong Nobody can collapse my company – JOSPONGbullet
6 Bozoma Saint John 10 quotes from Uber top official, Bozoma,...bullet
7 Plane Crash Starbow suspends operations following plane crashbullet
8 Video We are determined to move Ghana beyond aid - Bawumiabullet
9 Entrepreneurship How To Get Ready To Get Started |...bullet
10 Vodafone adbullet

Business