A Ghanaian owned economy is possible – Nyinaku

Mike Nyinaku, CEO of Beige Capital Savings and Loans Limited, envisions that a Ghanaian-owned economy, which for him, should have at least 40% of GDP generated through Ghanaian-owned businesses, is possible provided “an ambitious and committed” government finds help in a “capable” private sector.

On the other hand, he argued at this year’s edition of the Ghana Economic Forum that the undesired status quo will remain even if government shows it is committed but finds no help in a civil service that cannot be bothered, and private sector institutions that are “hurriedly formed” and a “inexperienced”.

He was speaking to the theme of the forum, which will be running for the next five years: “A Ghanaian-owned economy -- setting the agenda for achieving it”.

To achieve a Ghanaian-owned economy, Mike Nyinaku believes government should, among other things, consider building monster corporations of Ghanaian-ownership “intentionally” as it has been done elsewhere.

“If we have to own our economy then we need to forcefully create big corporations in a short space of time…UBA was built, Ecobank was built and so was Dangote. These were created. It can be done here,” he said.

“There are a lot of action-documents already. What we need are executers, doers, development architects, and they will come to you in just one person -- just one basic leader, ambitious, authoritative and a doer; and the last time I checked my president is a nice guy by all standards, but I think we need to help him to bite,” he added.

Mike Nyinaku spoke about seven generations of Ghanaian entrepreneurs with a ten-year difference dividing them, beginning with generation A or those above 80 years of age like the “legendary” Asuma Banda and the late Esther Ocloo, and ending with those he called “the twitter generation” or generation G, who are under 30 years of age.

The political upheavals of the 1970s and 1980s, he said, hit members of generation A and B hard -- as a result of which it is today difficult to find Ghanaian-owned businesses that are aged over 30 years, as a result of which those of generation A and B cannot pass on their business acumen to those coming after them.

“Today, where are the institutions?” he asked.

“Generation C and D had to literally rebuild the foundation they should have inherited; that, for me, is lost time because it takes not less than ten years to build the foundation of a solid business. By not allowing generations A and B to fulfil their full potential we may have lost for life at least 20 years of our entrepreneurship evolution. So we are today doing what we should have at least done ten years ago.”

In spite of the challenges, however, Mike Nyinaku said he has “faith” in Ghana since members of Generations C and D have, through the hard way, kept alive the entrepreneurial spirit on which members of generation E and his own generation F is riding. “And if anyone does not believe in the Ghanaian dream, then they should watch out for the twitter generation,” he said.

“We are so green and the country is awash with a lot of opportunities.”

With the World Bank’s Urban Population Report predicting that the country’s urban population will hit 20 million by the year 2025, Mike Nyinaku thinks therein lies numerous business opportunities in terms of housing, food, relaxation, transportation, lifestyle, and energy among others.

“Public sector and policymakers; please stay in your lane and let’s not stifle the private sector. Rather, I plead that you invigorate us so you get the praise for it.”