The Chief Executive Officer of Star Oil, Philip Tieku, has called for deliberate policies to support and scale up Ghanaian companies, warning that businesses that remain small risk becoming uncompetitive in the global economy.
Speaking at Media General’s National Economic Dialogue themed “Who Owns the Ghanaian Economy?”, organized on March 26 2026, Philip Tieku emphasized the need for Ghana to intentionally promote strong local players across key industries.
He noted that “while there are capable Ghanaian businesses with the management structures to grow, more targeted support is needed to help them scale up and compete beyond the domestic market.”
According to the CEO, “the country must create incentives that encourage smaller firms to expand, stressing that the current global economic environment leaves little room for businesses that fail to grow.”
He warned that, “companies that remain small may struggle to remain economically viable.”
Philip Tieku further pointed to sectors such as brewing and oil, where Ghana already has established players, and questioned what more can be done to position them to expand into the West African sub-region and beyond.
He also highlighted the role of pension funds in driving long-term investment, describing it as unfortunate that workers savings are not being fully leveraged to generate stronger returns across the economy.
The CEO of Star oil proposed legislation that would require extractive industry players, including mining companies, to source part of their financing from local pension funds.
He concluded by urging government to identify high-performing local companies with strong management capacity and provide the necessary support to transform them into dominant players not only in Ghana, but across West Africa and the African continent.
The Economic Dialogue, Organized by Media General, brought together business leaders and policymakers to explore strategies for strengthening local ownership and competitiveness within Ghana’s economy.
