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Sam Jonah: Down the up escalator – Reflections on Ghana’s future by a senior citizen

23 April 2021……Second, we must re-evaluate the structure of our economy. No country has attained the height of development unless the major drivers of the economy are owned and controlled largely by the citizenry. Take a look at the major drivers of the Ghanaian economy in the financial sector, the mining sector, construction of major projects, telecommunications, oil and gas, insurance etc.

These are often predominantly foreign-owned, and Ghanaians own little in these sectors. For example, according to PwC, as of June 2019, only nine (9) out of 23 Class 1 licensed banks had majority local ownership with the rest being majority foreign-owned. In the mining sector, Ghana has more than 20 mining companies at various stages of operation in the country.

As far as am aware no Ghanaian business man or woman has 5% of the ownership in any of these companies. The situation is not different from what pertains to the oil sector. I note with some satisfaction the efforts of the government to empowering Ghanaians in the economy….

Twitter is an excellent example of successful business partnerships. In less than 3 years, Twitter founded by Evan Williams, Biz Stone, and Jack Dorsey, have managed to grow Twitter from the sound a bird makes to an incredible industry where over 63% of the brands in the world signing on to use it. From the surface of the earth to the bottom of the oceans and even in orbit, Tweets are being sent and received across the planet.