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The pivotal moment in 1970 when Ghana restricted foreign ownership of small businesses [Video]

The enforcement of the law affected approximately 600 foreign-owned businesses in Ghana

In 1970, Ghana implemented a law that restricted foreigners from owning small and medium-sized businesses, marking a significant shift in the country’s economic landscape.

The legislation enacted by the government aimed to boost local participation and control in key sectors of the economy, aligning with the domestic industrialisation agenda and the broader goal of economic independence and empowerment.

That year, the enforcement of the law affected approximately 600 foreign-owned businesses across the nation, leading to a transfer of ownership to Ghanaians or the closure of non-compliant enterprises.

While Ghanaians purchased some of these businesses, others were unable to adapt and were forced to shut down.

Within two weeks of the law being enforced, there was a massive changeover to Ghanaian ownership, which authorities believed was necessary to prioritise indigenous participation in economic growth.

The policy, although some believe …

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