President John Dramani Mahama has renewed calls for stronger support for indigenous businesses, arguing that Ghana’s long term economic strength depends not only on growing Gross Domestic Product but, more importantly, on expanding Gross National Product.
Speaking at the First Sky Group end of year Thanksgiving Service, the President said empowering local companies to lead major economic activity was central to building sustainable national wealth.
Addressing business leaders, staff of the First Sky Group, and invited guests, President Mahama explained the distinction between GDP and GNP, stressing that the latter better reflects how much value citizens themselves create and retain within the economy.
According to him, while GDP measures the total value of goods and services produced within a country, GNP captures the economic output generated by a nation’s people, regardless of where they operate.
“There is something more important than the Gross Domestic Product, and that is the Gross National Product. The gross national product measures the total value of goods and services produced by the citizens of a country. That is why we must not only talk about GDP growth. We must grow our GNP.”
HE John Dramani Mahama, President of Ghana
President Mahama argued that growing Ghana’s GNP requires deliberate policy choices that prioritise local ownership and capacity. He said indigenous firms such as First Sky play a critical role in ensuring that profits, skills, and experience remain within the country, strengthening domestic capital formation and reducing overdependence on foreign firms.
Big Push as a Case Study
He used the government’s Big Push infrastructure programme to illustrate this approach. According to the President, contractors selected for major projects under the initiative were chosen based on proven technical capacity and financial strength, rather than political connections or convenience.
He said his administration was determined to avoid awarding large public works to firms without the ability to deliver to avoid the dangers of poor project delivery or unnecessary delays
“When we began the Big Push projects, we prequalified all the big companies with capacity. I kept getting calls from people saying they heard projects were being distributed and asking for one. I said no. These projects are not for wheelbarrow contractors. They are for proper construction companies with capacity like First Sky.”
HE John Dramani Mahama, President of Ghana
The President said this policy was necessary to ensure quality execution, value for money, and timely delivery of infrastructure critical to Ghana’s development. He added that strong local companies must be trusted with complex projects if the country is serious about building national champions capable of competing regionally and globally.
President Mahama expressed confidence in First Sky’s performance on government projects and announced plans to personally inspect ongoing works in the coming months. He said such inspections were part of a broader effort to ensure accountability and maintain high standards across all Big Push initiatives.
First Sky’s Diversification
Beyond construction, the President praised the company’s diversification into other sectors of the economy, describing it as a model of how indigenous firms can broaden their impact.
He noted that while many Ghanaians associate First Sky primarily with construction, the group has expanded into commodities trading and hospitality, contributing to job creation and economic activity in multiple sectors.
President Mahama said he was particularly impressed by the group’s involvement in the hospitality industry, recounting his own experience at the Atlantic Hotel.
He noted that he had previously stayed at the hotel without realising it was under the management of First Sky, a discovery he said highlighted the quiet but growing footprint of the company.
“I know that with Atlantic Hotel under the management of First Sky, it is going to be the number one hotel in the western part of the country,” he said, drawing applause from the audience.
The President linked such diversification to his broader vision of an economy driven by strong Ghanaian enterprises that are able to innovate, invest, and expand across sectors.
According to him, local companies that reinvest profits at home help build resilience and create opportunities for young people, reducing the country’s vulnerability to external shocks.
President Mahama also used the occasion to encourage other Ghanaian businesses to emulate First Sky’s example by building capacity, maintaining high standards, and exploring new areas of growth.
He said government would continue to create an enabling environment through infrastructure investment, macroeconomic stability, and policies that reward productivity and value creation.
The Thanksgiving Service, he noted, was an appropriate moment to reflect not only on business success but also on national responsibility. President Mahama urged corporate leaders to see themselves as partners in Ghana’s development, with a duty to contribute to national progress beyond profit.
As Ghana seeks to consolidate recent economic gains, the President said supporting indigenous firms would remain a cornerstone of his administration’s economic strategy. He emphasised that while foreign investment remains important, sustainable development ultimately depends on the strength and competitiveness of local enterprises.
In closing, President Mahama congratulated the leadership and staff of First Sky Group for their achievements and encouraged them to continue expanding their footprint responsibly.
He said companies that build capacity at home, create jobs, and deliver quality projects are essential to transforming Ghana’s economic potential into lasting national prosperity.
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