Centre for Democratic Development (CDD) Ghana Fellow Dr. Hene Aku Kwapong has made an unapologetic case that Ghana’s top entrepreneurs, whether loved or disliked, represent the country’s strongest shot at achieving real economic transformation.
The former Senior Vice President of New York City Economic Development Corporation drew a striking comparison between South Korea’s and Ghana’s development journeys, arguing that no nation begins its industrialization with a perfect set of entrepreneurs.
Dr. Kwapong emphasized that South Korea, now admired globally, did not start with polished technocrats or flawless business icons. The country began with small time traders, scrap metal dealers, shop owners and struggling family businesses that leaders deliberately pushed to scale up, expand and diversify into multinational corporations. This approach gave birth to South Korean giants such as Samsung, Hyundai and LG.
Turning his attention to Ghana’s situation, Dr. Kwapong argued the country faces no different circumstances from South Korea, with local businesses and entrepreneurs trying to build enterprises despite harsh realities. However, he observed that Ghana often treats its own business giants with suspicion rather than strategic support.
The CDD Fellow pointed to names like Ibrahim Mahama, Daniel McKorley, Ernest Ofori Sarpong, Akuamua Boateng, Osei Kwame Despite, Joseph Siaw Agyepong, Edmund Poku and Mike Thakwani. These individuals, he believes, have built some of the country’s most visible and impactful companies, often in extremely difficult conditions.
Dr. Kwapong admitted they are not universally loved. Some are controversial, while others face constant public scrutiny. But to him, that is entirely beside the point.
He emphasized that these individuals represent Ghana’s surviving capitalist class prototypes in economic terms. They are the few who have navigated a hostile business environment and still emerged with operational capacity, managerial depth and strategic ambition. While people may dislike them, they are the pieces on the chessboard Ghana actually possesses.
The policy analyst stressed that these entrepreneurs have proven they can grow businesses in a system where scaling is notoriously difficult. In today’s global economy, he noted, it is scale that creates jobs, drives exports, builds competitiveness and anchors industries.
Dr. Kwapong warned that Ghana cannot industrialize by wishing for a cleaner or more acceptable class of big businesses. No country gets that luxury. Nations build with the entrepreneurs they have, even those considered controversial, and shape them into national assets through policy, oversight and deliberate partnership.
South Korea’s industrialization demonstrated that government and business cooperation was essential to economic growth, with political leaders and government planners relying on entrepreneurial ideas despite initial controversies surrounding many business leaders.
For Dr. Kwapong, Ghana faces a clear choice. The country can either empower its indigenous business giants by pushing them to diversify, expand and dominate the export market, or continue recycling the same old frustrations about the economy not growing fast enough.
Dr. Kwapong has previously called on the citizenry to institute a culture of discipline in governance as a measure toward socio economic growth and development, noting that Asian Tigers built robust economies through national development agendas that cut across every governance structure.