Joe Jackson Urges Gov’t to Build ‘National Champions’ to Drive Economic Growth
Chief Executive Officer of Dalex Finance, Joe Jackson, has called for a strategic shift in Ghana’s approach to private sector development, urging policymakers to prioritise the deliberate building of high-performing firms capable of driving economic growth.
Speaking at a public lecture on the theme, “Ananse Stories About Ghana’s Economy,” hosted by the Chartered Institute of Marketing Ghana (CIMG) on March 31, 2026, Mr Jackson challenged the widely held notion that Small and Medium-sized Enterprises (SMEs) are the primary engine of growth, arguing instead for a more targeted, performance-based approach.
According to him, while SMEs play an important role in the economy, the current model of broadly distributed support has yielded limited results.
“Growth is driven by exceptional, productive firms… not all SMEs,” he stated.
Mr Jackson noted that over 60 SME-focused initiatives have been launched in Ghana over the past decade by government, financial institutions, and development partners, yet these have not translated into the level of economic transformation expected.
He attributed this to structural weaknesses within the SME segment, including high mortality rates, low productivity, informality, and limited scalability.
“Most SMEs are fighting for survival, not scaling,” he remarked.
Call for performance-based support
Mr Jackson advocated for a shift from broad-based SME interventions to a more selective and performance-driven model, where support is channelled toward a smaller pool of high-potential firms.
He argued that countries such as South Korea and Singapore achieved sustained growth by deliberately identifying and nurturing “national champions” capable of competing globally.
“We must be intentional about selecting champions,” he stressed.
He further noted that current support systems are fragmented and often lack coordination, leading to inefficient allocation of capital and limited impact.
Constraints to SME growth
Highlighting key barriers, Mr Jackson pointed to limited market access, weak managerial capacity, and inability to meet international standards as major constraints preventing SMEs from scaling.
He also emphasised the absence of structured pathways for SMEs to transition into large, competitive firms.
According to him, the lack of targeted support for high-performing businesses undermines job creation and productivity growth.
“Our champions are the ones that create jobs and drive sustainable growth,” he said.
Broader economic implications
Mr Jackson warned that the continued dispersion of capital across numerous small-scale initiatives contributes to low productivity, weak income growth, and persistent unemployment.
He cited data indicating high levels of youth unemployment and vulnerable employment, linking these trends to the absence of strong, scalable firms within the economy.
He also reiterated concerns about Ghana’s limited domestic ownership of key sectors, arguing that without building local champions, the country risks remaining dependent on external players.
“Until we build companies that can own and control value, we will remain tenants in our own economy,” he cautioned.
Policy direction
Mr Jackson called for a coordinated national strategy focused on identifying and supporting high-potential firms, strengthening domestic capital mobilisation, enhancing local participation in key sectors and promoting value addition and movement up the value chain.
He maintained that without such deliberate action, Ghana’s economic progress could remain cyclical and unsustainable.
