Abstract
Ghana's capital market is greatly undervalued, extremely concentrated and widely divorced from the country's actual economy. Investors prefer sole proprietorships and closely held businesses, and are antipathetic towards the capital market. This article seeks to implicate the state as the main cause of this antipathy. The article will argue that this antipathy is a consequence of the repeated failure of the state-owned or state-controlled enterprises or corporations (collectively referred to as ‘SOEs’). It will, through real-life cases, also show that the failure of SOEs in Ghana is as a result of bad corporate governance practices by the state in respect of wholly state-owned corporations and, later, in corporations in which the state became a controlling shareholder. The article, further, attempts to link the economic challenges in Ghana to the failure of its SOEs.
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