Professor of Finance and Economics at the University of Ghana, Godfred Bokpin, has appealed to President John Mahama to make the growth of indigenous Ghanaian businesses a key part of his legacy.

Speaking on Joy FM’s Super Morning Show on Thursday, May 21, Prof Bokpin said Ghana cannot build a strong economy if support for businesses continues to be influenced by politics.

According to him, governments must deliberately support local entrepreneurs to grow beyond small and medium-scale levels and compete across Africa and globally.

“I want to appeal to the president that, as part of his legacy, he should have a strategy for key sectors of the economy. We need to interact. Let’s ask, 'What do you need in the next five to ten years'” he said.

Prof Bokpin said that genuine entrepreneurs often struggle to access state support because of political perceptions and fears of victimisation when governments change.

“In this country, we find examples where genuine entrepreneurs have been scared from taking advantage of government facilities or support because of how they will be tagged,” he said.

He added that some business owners avoid openly associating with state programmes because they fear future political consequences.

“Once they put the political lens on you, it becomes difficult,” he said.

The economist criticised what he described as the politicisation of business support in Ghana, arguing that assistance should be based on potential and capacity rather than political affiliation.

“Government support must be done in such a way that it is not about whether you are politically affiliated or not,” he said.

According to him, every successful economy deliberately backs local businesses to help them expand and compete internationally.

“Every business needs government support,” he said.

Prof Bokpin warned that Ghana risks slowing its economic transformation if governments continue to support businesses along partisan lines.

“We will not go far if we are on this path,” he cautioned.

He further alleged that some politicians abuse their positions by demanding ownership interests in businesses before offering contracts or support.

“We have in this country politicians who, when they are in power, even want to take over businesses of entrepreneurs, sometimes asking for ownership status in their business before they can support them or give them a contract,” he claimed.

Prof. Bokpin pointed to Nigeria as an example of how deliberate state support can help local businesses expand beyond national borders.

He referenced what he described as the “Obasanjo effect”, explaining how former Nigerian President Olusegun Obasanjo helped Nigerian businesses expand across Africa.

“You need that backing,” he said.

He also cited countries such as China and France, saying that powerful economies protect and promote their business interests globally.

According to him, Ghana must adopt a similar long-term strategy if it wants to create wealth and strong local enterprises.

“I want to see Ghanaian businesses in the top 20 or so when it comes to businesses that are doing very well,” he stated.

Prof Bokpin said Ghana should deliberately build a system that produces wealthy entrepreneurs capable of transforming the economy.

“I want a system that can raise billionaires and millionaires in the next 15 years,” he said.

He explained that empowering local businesses would eventually allow them to expand across the continent, just as Nigerian banks and companies have done.

“That’s what the Nigerian banks have done. That’s what the Nigerian businesses have done. They are big. They are spreading,” he said.

According to him, strong local businesses also help shape governance and protect national economic interests abroad.

Prof. Bokpin urged the government to move beyond rhetoric and adopt a clear strategy for supporting indigenous businesses.

“We must be deliberate. We have to start now,” he said.