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A business executive and statesman, Sir Sam E. Jonah, has called for deliberate policies and state intervention to increase indigenous ownership of the economy.
He said there was the need for a national strategy on economic empowerment to strengthen local businesses and entrepreneurs to operate successful enterprises that would play significant roles in national development.
Sir Sam told the Graphic Business that the current structure of the economy in which almost every critical sector was largely controlled by foreign entities was risky for the long-term sustenance of the economy.
He said it was sad that from the banking sector through extractive and telecommunications to hospitality, virtually no Ghanaian individual or institution had a substantial ownership of any of the key firms in those sectors of the economy.
“The need to champion such policies is even more urgent now with the establishment of the African Continental Free Trade Area (AfCFTA) because the initiative headquartered in Ghana can only retain public support if indigenous entrepreneurs benefit from the sacrifice of sovereignty and import barriers that the initiative entails,” Sir Sam said.