CEO of Dalex Finance, Joe Jackson is making a compelling case for Ghanaian businesses to own the means of production.
He says that if local businesses do not build the economy, foreigners will build it and control every aspect of it, thereby rendering Ghanaian tenants in their own country.
“Until Ghana builds companies that own, control and scale value; we will remain tenants in our economy, not owners of it,” he said.
Mr Joe Jackson further noted some of the issues facing local firms, stating that the poor performance of local investors is creating the grounds for foreign businesses to dominate the local market.
Until the performance of Ghanaian investor improves, he said, the local economy will continue to be dominated by foreigners.
He noted almost every aspect of the economy including the oil sector is dominated by foreigner investor.
“Ghana’s under-performance has created condition for foreign dominance in Ghana.
“If you don’t build the house and somebody builds the house to allow you to live as tenant how can you complain? We don’t build and because we don’t build others build.
“ Foreign companies are here to make profits. Foreign dominance is not the disease, they are invited by local weaknesses, nobody is imposing it on us, it is the fact that we are weak that is why somebody can takeover,” he said while speaking during the Economic Dialogue on the theme: “Who owns the Ghanaian economy” organized by Media General in Accra on Thursday March 26.
For his part, Financial Analyst, Mr Ken Thompson spoke against over-reliance on foreign directs investment (FDIS) for development.
He makes the point that FDIs are good, noting that every country needs FIDS for its developments.
However, he said, over-reliance on FDIS will hand over a country’s sovereignty into the hands for foreigners. This will be detrimental to that country, he added.
To that end, he proposed that Ghana should make economic sovereignty a national project.
He said this is the only way to ensure true economic independence.
“If we want to develop that we should make Make economic sovereignty a national project and proceed it with discipline
“Let us not blame anybody for our lack of the will to develop. Nothing happens by accident, everything is contrived.”
“If you want to change behavior provide incentives. Ghanaians did not fight for independence so foreigners will own the future, we fought to own it ourselves,”
The former CEO of Dalex Finance further said that the development of every nation is the main function of indigenous investors.
He makes the point that no foreigner will develop a country. In the event that those foreigners develop the country, he said, they remain in that country and take absolute control over the investments.
Mr Thompson said “I am not against foreign investments but the truth is no foreigner will develop this country, foreigner have not developed any country.
“Anywhere foreigners have developed the country they stayed and took over every thing.”
