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In spite of growing awareness among strategy, business history and entrepreneurship scholars of the benefits of entrepreneurial development, our understanding of the evolution of entrepreneurial development in developing nations remains limited. A historical analysis of the issue in post-colonial Ghana from 1957 to 2010 led to the identification of three distinctive phases. The first phase represented the immediate post-colonial reforms (1957–1966), where large-scale nationalisation and establishment of state-owned enterprises hampered development of private enterprises. The second phase was the turbulent period (1967–1979), where totalitarianism and confiscation of assets deterred private investments and ownership, thereby creating a harsh economic and institutional environment. These culminated in the last phase, the renaissance of social entrepreneurship (1980–2010) where different entrepreneurial models flourished, including the diaspora philanthropy and the “philanthropic chief”.

Historical evolution of entrepreneurial development in the global South: The case of Ghana, 1957–2010