Ghanaian Entrepreneurs Must Transition from Trading to Production in the 24-hour economy

By: Solomon Nartey Tetteh

A representative of the 24H+ Economy Secretariat, Arnold Parker, has warned that foreign dominance in business ownership poses the greatest threat to Ghana’s 24-hour economy policy and broader industrialisation agenda.
Speaking at the CEOs and Corporate Leaders Hangout, Mr. Parker said the key challenge facing Ghana’s push for industrial growth is not the establishment of factories, but who ultimately owns and controls them.
“Personally, the biggest threat to the 24-hour economy and Ghana’s industrialisation is ownership. Who owns the businesses that are going to be set up?” he stated.
According to him, while Ghana is often described as part of a “global village,” the reality is that the world operates as a highly competitive global market.
He noted that Ghana’s renewed focus on manufacturing has attracted the attention of foreign investors who are positioning themselves to take advantage of the opportunity.
Mr. Parker said Foreign businesses have expanded their presence across many countries, including Ghana, raising concerns about the future of local manufacturing.
“People are beginning to ask whether we are going to become a country of Foreign goods, and what that means for Ghanaian manufacturing,” he said.
He cautioned that unless Ghanaians deliberately invest in and own manufacturing businesses, the country risks an imbalanced form of industrialisation.
“If we don’t rise up as Ghanaians to go into manufacturing and own industry, we will only become employees and minimum wage earners in an industrialised country,” Mr. Parker warned.
He stressed that Ghana’s industrial future must go beyond the presence of factories to ensure local ownership and control, otherwise the country could achieve industrialisation in form, but not in substance.