Indigenous capitalism in Ghana

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Abstract
There are several ‘myths’ about the development of indigenous capitalism in the Third World, which derive from dependency theory. Using case material from Ghana, it is argued that a capitalist class is developing and expanding an already significant base in manufacturing. State aid has been acquired to a limited extent and sometimes by corrupt practice, but often when indigenous capitalists have been well established. Connections with foreign capital, far from limiting the expansion of local capital, have helped in the local acquisition of managerial and technical skills, leading to independence from and competition against foreign capital. These findings are not normally predictable from standard dependency theory, and suggest the possibility of a national capitalist development.

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