Kufuor Criticises State-Led Economy, Calls for Stronger Private Sector

Former President John Agyekum Kufuor has delivered a strong critique of Ghana’s economic direction, cautioning that prolonged state dominance in industry sidelined entrepreneurs and weakened the country’s private sector.

Speaking at the inaugural Legacy Dialogue Series in Accra, organised by the Design and Technology Institute on Tuesday, April 14, he argued that Ghana’s post-independence development model systematically pushed aside private initiative, with lasting consequences for economic growth and job creation.

Kufuor noted that the state assumed the primary role in driving industrial development, effectively removing entrepreneurs from the process. According to him, this shift replaced innovation and risk-taking with bureaucracy, limiting business expansion and economic dynamism.

He further explained that the dominance of state-owned enterprises led to the collapse of early private businesses that could have formed the backbone of Ghana’s industrial base. The lack of collaboration between the state and private sector, he said, hindered wealth creation and prevented the emergence of a resilient business class.

Reflecting on his time in office, Kufuor stated that his administration prioritised restoring confidence in private enterprise as a way to revive economic growth. He emphasised the need to reintroduce strong business participation to drive what he described as a “golden age of business.”

His comments come at a time of renewed national debate on how to rebalance Ghana’s economy, with increasing calls for policies that support entrepreneurship, attract private investment, and reduce dependence on state-led development models.