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22.09.2022 Article

Nkrumanomics To Alanconomics: Vision Of Anindustrialized Ghana Progressing Through Alan Kyerematen

By Terry Afram-Kumi
Nkrumanomics To Alanconomics: Vision Of Anindustrialized Ghana Progressing Through Alan Kyerematen
22.09.2022 LISTEN

At independence, Osagyefo Dr. Kwame Nkrumah set out a bold and daring vision of an INDUSTRIALIZED Ghana.

This great economic vision was intended to establish Ghana as an economically independent and prosperous nation.

Sadly, Nkrumanomics (state-owned production) failed to realize this bold industrial vision to transform Ghana.

Fast forward 65 years later, Nkrumah’s vision is progressing through Alan Kyerematen’s practical economics I have termed “Alanconomics”.

Both Nkrumanomics and Alanconomics strive to deliver a vision of an industrialized Ghana, that adds value to our vast natural resources.

This is the path to more jobs and cash for all Ghanaians.

The difference however with both industrial economic approaches, lies in its strategic approach and implementation.

WHAT IS NKRUMANOMICS?

This was a State-owned Industrialization drive championed by Osagyefo Kwame Nkrumah.

The state built and wholly financed these state factories to produce locally.

The industrial economic strategy involved the following;

(I) 100% State Built Factories

(II) 100% State Financed Factories

(III) 100% State Managed

(IV) 100% State Ownership

WHAT IS ALANCONOMICS?

This is a private sector led industrialization drive supported by government that has resulted in 127 factories so far under the 1D1F initiative spearheaded by Alan Kyerematen.

The industrial economic strategy has lead to a sustainable approach that is creating massive jobs and high incomes.

This involves,

(I) 100% Privately Owned Factories

(II) Debt Financing - This involves partial financing by Participating Financial Institutions (PFI)

(III) Equity Financing - This involves partial financing by the Owners/Promoters.

(IV) Privately Managed Factories

(V) Government Subsidized Interest Rate (50%)

(VI) Government facilitation of Roads, Electricity and Water to factories.

(VII) Government provision of technical assistance.

CONCLUSION:

Nkrumanomics as a wholly state-run industrialization drive wasn’t successful and faced many avoidable challenges.

65 years on, Alanconomics has sought to carefully avoid those challenges and has remained successful with its blend of state support through private ownership of factories.

Osagyefo’s vision of Ghana engaging in high-value economic activities to create jobs and wealth is successfully yielding results.

The Alan-driven practical economics (Alanconomics) is surely delivering a Ghana that produces finished factory items of more economic value.

By: Terry Afram-Kumi

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