A photo of a Ghana Airways plane

In the wake of Ghana’s early post-independence days, Dr. Kwame Nkrumah spearheaded an ambitious industrialisation drive to transform the newly independent nation into a powerhouse.

Under Dr. Nkrumah’s visionary leadership, several state-owned enterprises and agencies were set up to drive economic growth, boost export avenues, diversify the economy, and reduce reliance on imports.

Many of these enterprises played a critical role in Ghana’s post-independence industrial and economic development, leaving a lasting legacy on the nation’s infrastructure and economy.

GhanaWeb Business takes a look at 10 major companies that were founded in Ghana between 1957 and 1966, many of which were either established or nationalised by the government.

Ghana Industrial Holding Corporation (GIHOC)

In 1958, GIHOC was one of the most prominent state entities established under Nkrumah’s government.

The state conglomerate was responsible for a wide range of industries, including textiles, pharmaceuticals, and breweries.

State Fishing Corporation (SFC)

As part of an effort to boost the position in the fishing industry, the State Fishing Corporation (SFC) was established in 1962 to reduce the country’s reliance on imported fish while serving the domestic economy.

Tema Steel Works

In 1963, the Tema Steel Works was set up to process scrap metal, providing much-needed steel products for the growing industrial sector.

Tema Oil Refinery (TOR)

Around the same time the Tema Steel Works was established, the Tema Oil Refinery was also set up to refine crude oil and reduce Ghana’s dependence on imported petroleum products.

Today, the refinery remains somewhat dormant with successive governments failing to revive it.

Ghana Airways

In 1958, the transportation sector played a critical role in Ghana’s international reputation as Nkrumah’s government launched a national airline to facilitate domestic and international travel.

Although no longer in operation, Ghana Airways was once a source of national pride.

State Hotels Corporation

To promote tourism through the development and management of hotels across the country, the State Hotels Corporation was established in 1961.

Volta River Authority (VRA)

Similarly, the Volta River Authority (VRA) was established in 1961 to enhance the energy sector.

The authority was responsible for constructing the Akosombo Dam to generate electricity for Ghana and its neighbors.

Ghana Cement Works (GHACEM)

To address the needs of the construction sector, which is critical for every growing economy, the Ghana Cement Works (GHACEM) was commissioned in 1967, with groundwork laid during Nkrumah’s administration.

State Housing Corporation (SHC)

Subsequently, the State Housing Corporation (SHC) was established in 1957 to provide affordable housing for Ghana’s urban population, ensuring that rapid urbanisation was matched with adequate housing needs.

Ghana Cocoa Marketing Board (COCOBOD)

Finally, the Ghana Cocoa Marketing Board (COCOBOD), although established in 1947, was restructured in the 1960s to enhance the marketing and export of cocoa, which is a key export commodity for Ghana which has secured great economic returns.

With additional files from Kafui Dey

Nkrumah is simply another word for Vision. Here are 10 major companies that were founded in Ghana between 1957 and 1966, many of which were either established or nationalized by the government under the leadership of Kwame Nkrumah as part of efforts to industrialize the newly…

— Kafui Dey (@KafuiDey) September 19, 2024

MA

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Madeline Nettey, Chief Executive Officer-Republic Investments

The country’s fixed-income market needs a yield curve that accurately reflects market conditions in order for the government to succeed in its bond market re-entry, Madeline Nettey, Chief Executive Officer-Republic Investments, has said.

She said that any planned government bond issuance will succeed only if pricing -particularly for medium- to long-term bonds – offers returns that match their position on the yield curve and associated risks. This will help attract investors away from short-term instruments.

Last year, the government signalled plans to tap the bond market in 2025 following its Domestic Debt Exchange Programme (DDEP) completed in September 2023.

In an interview with the B&FT, Nettey said last year’s investment mood was clouded by fallout from the DDEP and election-year uncertainty. While Ghana’s economy stabilised – GDP held firm averaging 6.3 percent in Q3 2024 and inflation trended lower for much of 2024 – price pressures spiked in the final quarter, unravelling earlier progress.

“We saw GDP being quite steady for a greater part of the year and the rate of inflation was on a downward trajectory. But toward last quarter the inflation rate began rising again, which reversed some of the gains made earlier in the year,” she said.

Inflation ended in 2024 at 23.8 percent, above the IMF programme’s 22 percent ceiling and fueled by a drought-driven food cost surge to 27.8 percent. Non-food inflation eased slightly to 20.3 percent. January 2025’s 23.5 percent reading showed persistent pressure. A central bank rate cut meant to spur lending faltered amid election jitters.

“The effects of a reduction in the policy rate may not have been fully realised as expected, seeing it coincided with the election period’s peak. Typically, in election years the investment climate remains in a cautious or wait-and-see mode for the last few quarters,” Nettey explained.

Nonetheless, investor confidence has ticked up and this has been further boosted since the new government honoured a Feb. 17, 2025, DDEP coupon payment of GH¢6.081 billion (US$490 million) in cash and GH¢3.46 billion in kind, plus a GH¢9.7 billion buffer for mid-year obligations.

“The action and publicity surrounding the coupon payments have boosted investor sentiments. It re-enforced the continuum of governance and showed that government is committed to servicing its obligations, which is key in rebuilding trust in the market,” she said.

Recent bond auctions drew bids nearly double the target – GH¢56.45billion versus GH¢22.28 billion sought – pushing Treasury yields down. The recent Treasury auction on February 28, 2025, saw the 91-day bill dip by 369bps to 20.79 percent while the 182-day bill decreased by 240bps to 22.92 percent.

Similarly, the rate on the 364-day bill declined by 460bps to 22.70 percent, marking the largest reduction among the three tenors.

“With interest rates on the T-bills showing some decline over the last few auctions, it is expected that this trend will persist in the short term.

“The oversubscription signals excess liquidity splashed with confidence to lend to government – and we anticipate this could help lower financing costs for the government,” Nettey added.

Despite these developments, the yield curve remains inverted, with coupons on long-term bonds around 10 percent and short-term T-bills above 20 percent.

“If you look at Ghana’s yield curve now, it requires some alignment in terms of the returns on assuming long-term risk to lend to the government. Long-dated instruments have coupons under 10 percent while Treasury bills are in excess of 20 percent. As a result, the long-dated instruments are trading at steep discounts to align the yields to pricing at the short end. This needs attention to ensure a more balanced investment climate commensurate with the investment risk,” she said.

Managing this under an IMF programme is tricky, she noted: “Government must implement strategies that will improve economic performance, boost the real sector and bring inflation down to create room for further policy rate cuts”.

The market expectation is that the macros must be reset to impact positively on the investment climate as a quick fix isn’t likely, given DDEP bonds stretching into the 2030s.

“It may not be too soon, because the longer-dated bonds extend well into the 2030s. Nonetheless, the short-term rates trending downward may well be a step in the right direction and must be anchored on strategic policies to spur the economy,” she said.

JoySports is set to host the JoySports National Dialogue, a thought-leadership programme aimed at shaping the future of sports in Ghana.

Scheduled for Thursday, March 13, 2025, across the English-speaking platforms on The Multimedia Group, the event will focus on Governance, Funding, and Infrastructure, bringing together experts to provide insights and solutions.

Nathaniel Attoh, Head of Thought-Leadership at JoySports, highlighted the significance of the event, noting that it aligns with the President’s vision for the sports sector, as outlined during the swearing-in of the Minister of Sports and Recreation.

“The President was very clear on what he sees as the state of the sports sector and the direction he wants to see it take,” Attoh said.

“It is very important that, as a collective, we come together to look at the key drivers of a thriving sports industry. We want to tackle them with expert knowledge and a solutions-based approach.”

The dialogue will also take a scientific approach to identifying challenges in Ghana’s sports sector, ensuring that solutions are backed by data-driven insights.

“Before we get all these solutions, we need to assess these problems scientifically,” he emphasised.

“We need broader and deeper insights into the causes so we can develop sustainable solutions.”

The event will feature specialist speakers in governance, infrastructure, and financing, acknowledging their critical roles in transforming Ghana’s sports industry.

“We do know that these areas are very key in delivering what will become a thriving sports industry in the future.

“This is a continuous process, and while results won’t come immediately, it is important that stakeholders identify and focus on these key areas to drive the agenda the President has set in motion.”

On the guest speakers at the event, Joy Sports Lead Editor, Fentuo Tahiru Fentuo, said the speakers are drawn from varied backgrounds with recognized success in their respective fields.

“Our speakers are very accomplished individuals drawn from not just Ghana, but around the world. I am very excited about what the country and our audience could potentially learn from their inputs.”

Beyond discussions, the JoySports National Dialogue aims to produce a policy document with recommendations for the Ministry of Sports and Recreation, guiding future reforms.

The event will be broadcast on JoyNews, Joy Prime and Joy FM, welcoming contributions and feedback from stakeholders and the public.

“We are looking forward to very healthy conversations and ideas, so we all have one important policy document to suggest to the Ministry and move ahead,” he concluded.

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