A troubling trend has marred Ghana’s political landscape: successive administrations’ systematic sale of government properties and investments.
This practice erodes the nation’s economic foundation and undermines the legacy of our first president, Osagyefo, Dr Kwame Nkrumah, who laid the groundwork for Ghana’s industrial and infrastructural development.
Dr. Nkrumah’s vision for Ghana was one of self-reliance and economic sovereignty. He established many state-owned enterprises, including factories, hotels, and other infrastructure, to propel Ghana into a prosperous future.
These assets were not merely investments but symbols of a newly independent nation determined to control its destiny.
Yet, decades later, we find ourselves at a crossroads where these assets are sold off, often to the highest bidder and sometimes to entities with close ties to those in power.
This has raised concerns about the true intentions behind these sales and the long-term impact on Ghana’s economy.
A particularly distressing aspect of these sales is the disposal of factories that were once crucial to Ghana’s industrialization strategy.
Dr Nkrumah established numerous factories to reduce Ghana’s import dependence and boost local production. Among these were:
Kumasi Shoe Factory: This factory was set up to produce footwear for the local market, reducing the need for imported shoes.
It played a significant role in providing affordable footwear to Ghanaians and creating jobs.
Pwalugu Tomato Factory: Located in the Upper East Region, this factory was designed to process tomatoes locally, provide employment, and reduce the reliance on imported tomato products.
Its closure has had a ripple effect on local farmers, who now struggle to find markets for their produce.
Buipe Meat Processing Factory: This facility was established to process meat products locally, reducing the need for imported meat and boosting the livestock industry in Ghana.
The factory’s operations supported local farmers and provided an essential service to the nation.
Tema Aluminium Factory: Situated in the industrial hub of Tema, this factory was a cornerstone of Ghana’s industrial base, providing materials essential for construction and other industries.
The sale or neglect of such vital infrastructure weakens the country’s industrial capacity.
Poultry Industry: Under Nkrumah, Ghana’s poultry industry was vibrant and robust, meeting the nation’s demand for poultry products.
However, the industry has since been undermined by external factors, including World Bank loan conditions that imposed unfavourable trade terms, leading to the collapse of many local poultry farms.
These factories were part of a broader economic vision to create jobs, build skills, and ensure that Ghana could meet its needs.
They were critical in propelling Ghana’s economy forward and could have played a pivotal role in addressing today’s economic challenges, such as high unemployment and a persistent trade deficit.
Preserving these assets has long-term benefits that are not just theoretical; they are a potential pathway to a more prosperous future for Ghana.
Unfortunately, many of these factories have been sold, often at prices far below their actual value, or have been left to deteriorate.
The justification often given for such sales is that these assets are underperforming or that private investors can manage them more efficiently.
However, this narrative overlooks the broader implications of selling off state-owned enterprises, especially when the government fails to transparently disclose the terms of these transactions or the identities of the buyers.
Transparency is not just a buzzword; it’s a fundamental principle of good governance that ensures accountability and trust.
The sale of state-owned assets is a phenomenon that has been around for a while in Ghana.
Since the late 1980s, successive governments have embarked on various privatization programs, ostensibly to reduce the fiscal burden on the state and improve efficiency.
According to a 2022 report by the African Development Bank (AfDB), Ghana has privatized over 350 state-owned enterprises since 1988, generating revenue estimated at $1.2 billion.
However, the long-term benefits of these sales still need to be investigated as the country grapples with economic challenges, including rising public debt, which stood at 76.6% of GDP as of the first quarter of 2024.
Critics argue that privatizing state-owned enterprises often results in short-term financial gains for the government at the expense of long-term national interests.
Once sold, these assets are frequently restructured in ways that prioritize profit over public service, leading to job losses and reduced access to essential services for ordinary Ghanaians.
Moreover, selling these assets often benefits a small group of politically connected individuals, raising concerns about cronyism and corruption.
The legacy of Dr. Nkrumah is particularly relevant in this context. Many of the assets sold today were established during his presidency when Ghana’s population was much smaller, and the economy was still in its infancy.
Despite these challenges, Nkrumah’s government built a robust industrial base that included vital infrastructure projects such as the Akosombo Dam, the Tema Oil Refinery, and the state-owned factories forming Ghana’s economy’s backbone.
Ironically, the same political parties that criticize Nkrumah’s economic policies are now capitalizing on the very assets he created.
They often claim that the country’s economic challenges result from Nkrumah’s ambitious development agenda, arguing that these projects could have been more sustainable given Ghana’s small population and limited resources at the time.
However, history has shown that many of these assets have endured, providing critical services and generating revenue for the nation.
As Ghanaians, we must ask ourselves what our leaders have contributed to the country’s development since Nkrumah’s time. What new infrastructure have they built that can be considered a national asset? What long-term investments have they made that future generations will inherit? If the answer is little to none, then the continued sale of Nkrumah’s legacy is unjust and short-sighted.
The sale of state-owned assets should not be taken lightly. These assets represent the nation’s collective wealth, built through the labour and sacrifice of generations of Ghanaians.
They should not be sold off to satisfy the short-term financial needs of the government or to enrich a select few.
Instead, they should be managed with the nation’s long-term interests in mind, ensuring they continue to provide value to the people of Ghana.
Our leaders must stop the indiscriminate sale of government properties and investments as we look to the future. The urgency of this matter cannot be overstated.
They must also come forward and disclose the value of the infrastructure they have built since taking office.
If they believe their contributions are significant, let them present their achievements transparently, allowing Ghanaians to assess their worth.
In conclusion, we must honour Dr Kwame Nkrumah’s legacy by preserving the assets he built for future generations.
Our leaders must stop dismantling his legacy for short-term gain and start building a legacy that can withstand the scrutiny of time and benefit all Ghanaians.
