Private sector key to jobs, growth- Kufuor

By Buertey Francis BORYOR

Former President of Ghana, John Agyekum Kufuor, has said the country can no longer rely on the state alone to generate wealth, warning that decades of state-led economic approaches have weakened enterprise and limited opportunities for young people entering the labour market.

He said reversing the trend will require a renewed focus on private sector growth, where entrepreneurs are empowered to take risks, build businesses and create jobs at scale.

Speaking at the “Inaugural Legacy Dialogue Series on Entrepreneurship and the Future of Work” organised by the Design and Technology Institute in Accra, he stressed that sustainable growth depends on private initiative and productive work, not state dominance.

“There is no way society can grow and sustain development without entrepreneurship and work,” he said.

The former president traced his long-held belief in private sector development to pre-independence economic structures, where smallholder farmers drove cocoa production and positioned the Gold Coast as the world’s leading producer.

He said that model demonstrated how individual initiative, driven by profit and supported by markets, could create wealth at scale without heavy state control.

According to him, the shift after independence toward state dominance in economic activity disrupted that model, sidelining private enterprise and weakening the country’s capacity to generate wealth.

He said successive efforts by the state to control production, including agriculture and industry, undermined the role of risk-taking entrepreneurs and slowed economic progress.

“That venturing spirit that built the economy was pushed aside,” he said, adding that restoring it remains critical to unlocking growth.

Kufuor stressed that economic transformation requires a deliberate partnership between government and private investors, where the state provides an enabling environment while businesses take risks, invest and expand.

He said the role of government should focus on setting clear policies, ensuring fair regulation and creating conditions that encourage investment, rather than competing with private actors.

When businesses are allowed to operate in a supportive environment, he noted, they generate employment, expand production and contribute tax revenue that supports national development.

He linked weak private sector development to rising youth unemployment, warning that without strong enterprise growth, job opportunities will remain limited despite a growing and increasingly skilled population.

He said the country’s young people, many of whom are exposed to global ideas and innovation, remain underutilised due to the lack of opportunities created by a constrained business environment.

He, however, expressed confidence that the situation can be reversed if the right policies are pursued and sustained over time.

Kufuor further called for policy consistency and bipartisan commitment to long-term economic strategies, noting that frequent changes in direction have undermined development efforts.

He said economic policies must transcend political cycles to ensure continuity, investor confidence and sustained growth.

On the future of work, he urged a shift toward globally competitive skills and production systems, warning that local industries risk being overtaken if they fail to adapt to international competition and technological change.

He said the country must position itself within a global marketplace where competitiveness, innovation and efficiency determine success.

Constance Elizabeth Swaniker, Founder and President of the Design and Technology Institute, said the dialogue was aimed at addressing structural gaps in skills development and entrepreneurship.

She said the country must urgently realign its education and training systems to meet the demands of modern industry, noting that many young people are unable to find jobs due to a mismatch between skills and market needs.

Swaniker highlighted that employment growth has lagged behind population expansion, describing the situation as a structural challenge that requires coordinated action.

She said investing in practical skills, technical training and entrepreneurship is key to building a resilient economy capable of generating jobs at scale.

She also called for stronger collaboration between industry and training institutions, urging businesses to move beyond corporate social responsibility and actively support skills development through partnerships and investment.

According to her, the private sector must play a leading role in shaping the workforce by engaging directly with training institutions and supporting innovation.

She further announced the development of a new multi-skills campus designed to train thousands of young people annually and serve as a centre for technical and entrepreneurial excellence.

The event brought together policymakers, industry players and development partners to discuss strategies for strengthening entrepreneurship and preparing the workforce for future economic demands.

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