- A Ghanaian legal expert, Ace Ankomah, has challenged traditional attitudes towards business and wealth creation in the country.
- Mr. Ankomah highlighted the significant economic disparity between Ghana, a leading cocoa producer, and the multi-billion dollar fortunes of cocoa processing companies.
- He emphasized the importance of documenting traditional practices, dispelling myths, and applying science to improve and commercialize these practices.
A Ghanaian legal expert, Ace Ankomah, has challenged traditional attitudes towards business and wealth creation in the country. He urged a mindset change focused on value addition and entrepreneurship for national development.
Lost Opportunities in Abundant Resources:
Mr. Ankomah highlighted the significant economic disparity between Ghana, a leading cocoa producer, and the multi-billion dollar fortunes of cocoa processing companies. He argued that Ghana hasn’t capitalized on the value addition potential of its resources.
Examples of Missed Opportunities:
- Waakye Sellers: Mr. Ankomah criticized the limited vision of some Ghanaian entrepreneurs, using waakye sellers as an example. He argued that failing to scale up production in response to demand hinders growth.
- Akpeteshie vs. American Prohibition: Contrasting historical responses to alcohol bans, Mr. Ankomah pointed out that the US repealed its prohibition to capitalize on commercial opportunities, while Ghana maintained restrictions for decades.
Kenkey: A Missed Opportunity?
Mr. Ankomah used kenkey, a popular Ghanaian staple food, as another example. Despite its long history, kenkey production remains largely underdeveloped, with a heavy reliance on imported machinery.
A Call to Action:
Mr. Ankomah urged Ghanaians to:
- Embrace Innovation: He emphasized the importance of documenting traditional practices, dispelling myths, and applying science to improve and commercialize these practices.
- Develop Local Industries: He advocated for building local industries around existing resources and practices.
- Challenge Traditions: Mr. Ankomah encouraged questioning outdated traditions that hinder progress.
Moving Beyond Blessings:
Mr. Ankomah challenged Ghanaians to move beyond simply seeking blessings for resources and instead actively develop and leverage them for wealth creation.
Celebrating Academic Excellence:
The ceremony also recognized outstanding students at the University of Ghana. The Vice-Chancellor, Nana Aba Appiah Amfo, encouraged continued support for academic excellence.
