By On a vibrant Saturday afternoon in Mpraeso, Eastern Region, the 2025 Kwahu Business Forum convened. It was part of the annual Easter festivities. The forum drew entrepreneurs, policymakers, and financial experts. They gathered to chart a path for Ghana’s private sector growth. Under the theme “The Future of Business: The Role of the Financial Sector,” the forum buzzed with ideas to empower small and medium enterprises (SMEs).
It also addressed systemic economic challenges. Amid the discussions, Minority Leader Alexander Afenyo-Markin delivered a powerful message: for Ghana to progress, business must rise above politics.
Afenyo-Markin, the MP for Effutu, minced no words in his critique of the politicization of Ghana’s business environment. “Entrepreneurship must not be viewed through a political lens,” he declared. “A business should succeed regardless of which political party is in power. It should also not be stifled by partisan labels.”
His remarks struck a chord in a country where political affiliations often influence access to opportunities. This is particularly true for young entrepreneurs and SMEs. These groups form the backbone of Ghana’s economy.
The Minority Leader’s call comes at a pivotal moment. Ghana’s economy is showing early signs of stabilization under President John Dramani Mahama’s administration. However, it still grapples with high inflation. The economy also struggles with a weakened cedi and elevated debt levels. At the same forum, President Mahama unveiled ambitious plans to reform the financial sector.
He emphasized affordable credit through institutions like the Ghana Development Bank. He also presented the concept of a forthcoming Women Development Bank. These reforms aim to redirect the financial sector’s focus from speculative activities. The focus will shift to productive investments in real businesses, particularly SMEs, youth, and rural communities. Yet, as Afenyo-Markin pointed out, such initiatives risk falling short if political loyalty overshadows merit.
Youth empowerment was a key focus of Afenyo-Markin’s address. Ghana has 35% of its population aged 15 to 34. Integrating this demographic into productive employment is critical for sustained growth. This is according to a study by the Copenhagen Consensus Center.
However, youth unemployment, which stood at 12.1% in 2023 per World Bank data, remains a pressing challenge. Afenyo-Markin stressed that opportunities for young Ghanaians must be based on “potential, creativity, and drive,” not party colors. “Ghana’s future cannot be built on partisan loyalty. It must be built on merits.” He asserted this while calling for a cultural shift in how the nation nurtures its talent.
This message resonates deeply in the wake of recent events. Just days earlier, on April 14, Afenyo-Markin led a delegation to the Adum Market in Kumasi. A devastating fire there had displaced traders. There, he urged the government to tap into Ghana’s contingency fund.
He asked to support the affected businesses and to fast-track reconstruction. This highlights the urgency of non-partisan intervention. The Adum Market disaster underscores a broader truth. Ghana’s economic stability depends on a resilient private sector. According to the Ghana Statistical Service, it employs over 70% of the workforce.
The Kwahu Business Forum itself is a testament to the potential of Ghana’s private sector. It is a platform for investment and SME support. It aligns with government initiatives such as the National Entrepreneurship Innovation Programme (NEIP). It also aligns with the National Board for Small Scale Industries (NBSSI).
These initiatives aim to foster entrepreneurship. However, as Afenyo-Markin noted, the private sector’s growth has long been hampered by systemic issues. These include low labor productivity and inadequate skills training. These challenges were documented in a 2020 ResearchGate study on private sector development in Ghana.
President Mahama’s address at the forum offered a complementary perspective, focusing on structural reforms to address these bottlenecks. His 24-hour economy strategy includes tax incentives. It also focuses on improved infrastructure and technical support for SMEs. The strategy aims to create jobs and lower business costs. Additionally, the proposed National Apprenticeship Policy by the Council for Technical and Vocational Education Training (COTVET) seeks to make apprenticeships compulsory for technical and vocational students, addressing the skills gap that limits productivity.
Yet, Afenyo-Markin’s warning serves as a sobering reminder that policy alone isn’t enough. The politicization of business and youth empowerment initiatives risks alienating talent and stifling innovation. Historical efforts, such as the National Medium-Term Private Sector Development Strategy (2004–2008), have laid groundwork for private sector growth, but their impact has often been diluted by partisan interference, as noted in past analyses by the African Development Bank.
As Ghana navigates its economic transformation in 2025, the voices at the Kwahu Business Forum offer a clear directive: decouple business from politics, prioritize merit, and invest in the youth. Afenyo-Markin’s call to action is not just a plea for fairness—it’s a blueprint for sustainable progress. If Ghana can foster an environment where innovation and hard work thrive irrespective of political affiliation, the nation’s private sector could become the engine of growth it has long promised to be. The stakes are high, but so is the potential. The time to act is now.
