Introduction:
Governments are natioanlising private enterprises and key corporations within their districts at an unprecedented pace in recent times. According to the World Bank (WB), this wave of nationalisation is shifting the economic landscape. Starting from 2020, Governments across continents have nationalised properties owned by their citizens and foreign investors with a view to managing the socioeconomic welfare of their citizens and to promote its geopolitical interests on the international plane. This post examines Ghana’s policy directive of handing over the Damang and Bogoso mines to two individual Ghanaians to assess the relevance of those strategic decisions in the country’s growth and developmental journey.
Examples of Nationalisation of State Assets in Recent History
Whilst nationalisation of state assets is not a recent phenomenon, the World Bank (WB) has provided a list of countries which had nationalised state and private economic assets to promote the interests of their countries’ welfare as the following examples illustrate. France and Germany have taken over the utility and electricity companies with France nationalising the biggest shipyard in Europe in its area; and the United Kingdom taking over railway and steelmaking corporations. Also, Russia has taken over more than $48 billion in state ports, factories and consumer business upon invasion of Ukraine, indicating the intercourse between business and politics within and without the frontiers of national boundaries. Furthermore, the United States of America (USA) had equally been active in assuming ownership of domestic rare earth producing corporations whilst scores of countries in the north and south have ceased gold and other vital mineral corporations to secure and consolidate their sovereign control over economic activities. The lesson of all this is that nationalisation of private and public corporations, which is an age-old policy, adopted by developed and developing countries, to resolve imbalances and yawning gaps within socio-economic spheres of their states is not exclusive to states in the global south as has been falsely peddled in major western media houses, including their savvy politicians and lobbying agents. On that premise, Ghana’s taking-over of the Damang and Bogoso mines and handing them over them to private Ghanaians to own and manage, at this unique time of the country’s developmental epoch is a sensible and effective decision as the following benefits suggest.
Building Domestic Citizens as Strategic Captains of Key National Corporations: The Way to Go in Ghana
Although private participation in the development and running of socioeconomic enterprises and corporations are critical for every nation; yet it does not erase the strategic importance of states, especially developing ones like Ghana, to entrust key national corporations like the Damang and Bogoso mines to Ghanaians with the requisite expertise, resources and capacity to manage them because of the ensuing factors. First, as a developing country vying to establish a socio-economic framework to secure and sustain the developmental welfare of its citizens and country, entrusting these strategic corporations to those Ghanaians were not only sensible in mobilising and securing foreign exchange to spur the economy but also provide critical employment opportunities to Ghanaians. Second, entrusting deserving Ghanaians with ownership of critical corporations is akin to building domestic expertise critical to facilitating and promoting the strategic backbone of the nation’s economy. This is essential in creating synergistic relationships between research / academic institutions and corporate bodies in the country, thereby building formidable foundation towards harnessing unique skills for national growth and stability. Third, handing over strategic corporations to Ghanaians to manage has the prospect of building the nucleus of the country’s economic and social framework as well as firming up national sovereignty while reducing dependence on external powers which restrict opportunities for local entrepreneurial growth. In major developed countries, citizens and private individuals play key complimentary roles in supporting the socioeconomic welfare of national development. Individuals such as Elon Musk, Zuckerburg, Warren Buffets, George Soros, the Kaizers, Dysons, JB & Sons, among others are testamentary examples. With all the strategic contributions of nationalised state corporations towards national growth in western states, some Ghanaian politicians and private individuals with selfish interests opposed the handing over of Damang and Bogoso mines to local citizens by adducing feeble arguments ensconced in populism.
Final Remarks
As a developing country striving to secure economic stability to satisfy the socioeconomic welfare of Ghanaians, deserving citizens with the requisite skills, capacities and strategic foresight must be granted ownership of critical state corporations to enhance the control and sustenance of the economic and social sovereignty of Ghana that would promote opportunities for the people; as well as create local captains to lead and manage key strategic corporations to achieve the gateway status within the sub-region of west Africa. Furthermore, the view that nationalisation of state or key corporations are dictatorial policies adopted by undemocratic governments are not only illusory, but a well-considered strategic policy adopted by governments in the north and south of the globe to promote the welfare of their people and economic stability. Thus, the government of Ghana and successive governments should not shy away from implementing the same strategy, as in the Damang and Bogoso mines, to sustain and anchor national development. Finally, to those Ghanaians entrusted with the state mines requite the confidence reposed in you by the government to perform your duties with patriotism and nationalism guided by sound strategic policies framed to grow Ghana and Ghanaians socioeconomic development sustainably.
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