Economist and Professor of Finance, Godfred A. Bokpin, has called on the government to take a deliberate and strategic approach to supporting indigenous businesses, warning that Ghana’s economic transformation cannot be sustained without prioritizing local enterprises.
Speaking at the Ghana National Chamber of Commerce and Industry (GNCCI) 2025 National Budget Review, Prof. Bokpin argued that the country’s development hinges on its ability to nurture and scale up homegrown businesses across key industries such as banking, telecommunications, and mining.
Prof. Bokpin criticized the long-standing practice of politicizing business support, stating that successive governments have used political power to victimize local entrepreneurs based on their affiliations.
“For too long, we have used politics and power to target and suppress indigenous businesses rather than support them. No economy can grow sustainably without intentionally strengthening its local enterprises,” he said.
He called on the government to introduce structured policies that provide targeted support for businesses at different levels, helping micro businesses grow into medium-sized enterprises and medium businesses scale into large corporations.
Beyond direct business support, Prof. Bokpin emphasized the need for a well-structured instrument that would allow private capital to contribute to critical infrastructure development.
“Ghana has a huge infrastructure deficit. If we are serious about fixing it, we must create an enabling environment and a legislative framework that attracts private capital to partner with the government. Infrastructure projects should be self-sustaining, and we should be thinking more about public-private partnerships (PPPs) rather than relying solely on government expenditure,” he said.
Prof. Bokpin also raised concerns about Ghana’s ongoing engagement with the International Monetary Fund (IMF), arguing that the current programme is inadequate for lifting millions of Ghanaians out of poverty.
“The IMF-supported programme, in its current form, will provide some level of macroeconomic stability, but it is not structured in a way that aligns with the government’s new mandate and growth ambitions. It must be renegotiated,” he urged.
Meanwhile, Mark Badu Aboagye, CEO of the GNCCI, emphasized the Chamber’s role in ensuring businesses benefit from opportunities within the 2025 budget. He highlighted the government’s planned GHc1.5 billion investment in the agricultural sector as a key area of opportunity for local businesses.
“As a Chamber, we will be guiding our members to strategically align with these opportunities. We will also closely monitor the budget’s implementation and engage the government if there are any deviations from the targets,” Mr. Aboagye said
