10 state-owned enterprises that shaped Ghana's economy between 1957 and 1966

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