Presidential move to end pillage of state assets welcome
The Presidential (Transition) Act, 2012 (Act 845) defines official assets as including state-owned property of all kinds and any other state-owned thing of value.
That broad definition underscores how extensive the nation’s collective wealth is, and how carefully it must be managed.
Any initiative aimed at protecting such assets from abuse, opacity or political capture therefore deserves careful attention and, where appropriate, public support.
Last week, during an interaction with the Ghanaian diaspora community in Zambia, President John Dramani Mahama indicated that a new law would be presented to Parliament to strip the executive of sole authority in the divestiture of public assets.
The proposed Divestiture of Public Property Bill will seek to ensure that any sale, transfer or privatisation of state-owned lands, factories and other assets secures explicit parliamentary approval.
This is, in principle, a positive step towards deepening accountability.
Parliamentary approval introduces an additional layer of scrutiny and helps ensure that decisions about national assets are not left to a few individuals, however well intentioned they may be.
Public assets are held in trust for citizens, and their disposal must reflect the national interest, not partisan or personal considerations.
Ghana’s history makes this conversation especially relevant.
From independence in 1957 to 1966, the country pursued a state-led development model under Dr Kwame Nkrumah, leading to the acquisition of numerous state assets as part of an ambitious industrialisation drive.
Those assets were meant to anchor national development and reduce dependence on foreign control of the economy.
Subsequent political instability, coups and economic mismanagement, however, weakened many state enterprises.
By the 1980s, under the Economic Recovery Programmes, divestiture became a central policy tool.
The sale or liquidation of state assets, alongside private sector participation, was promoted as a way to reduce debt and revive a struggling economy.
While the policy had economic logic, its implementation generated controversy.
Allegations persisted that some officials and politically connected individuals benefited unduly from divestiture exercises, acquiring valuable lands, factories and businesses at questionable prices or under opaque arrangements.
Whether all such claims were justified or not, the perception of impropriety eroded public trust and created lasting suspicion around asset sales.
Concerns about the appropriation of state assets have not been limited to one political tradition.
Under different administrations of both the New Patriotic Party and the National Democratic Congress, questions have arisen about the transfer or control of public lands and other assets.
The attempted divestiture of some SSNIT investments, which was halted after public outcry, is a recent reminder of how sensitive these matters are to citizens, especially workers whose pensions are at stake.
In that context, any reform that broadens oversight and transparency is welcome.
Yet legislation alone will not solve the problem.
Strong institutions, clear valuation processes, open bidding where applicable, and timely public disclosure are equally important.
Parliamentary approval must be meaningful, not a mere formality driven by party majorities.
The role of the Presidential Estates Unit and the Administrator-General is also crucial.
The law already mandates the taking of inventories of official assets, but resource and logistical constraints have limited this work.
A regularly updated and publicly accessible inventory of state assets would significantly enhance transparency.
It would allow citizens, civil society and the media to help monitor what belongs to the state and how it is used.
Ultimately, safeguarding public assets is about protecting the collective inheritance of Ghanaians.
No government owns these assets; it only manages them on behalf of the people. If the proposed bill strengthens accountability, reduces discretion and promotes openness, it will be a step in the right direction.
The President’s initiative, therefore, merits support, alongside constructive debate to refine it.
The Daily Graphic thinks that with the right safeguards, Ghana can move closer to a system where state assets truly serve the many, not the privileged few, and where divestiture decisions are guided by national development priorities and the long-term public good.
