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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 (1957–66), where large-scale nationalization and establishment of state-owned enterprises hampered development of private enterprises. The second phase was the turbulent period (1967–79), 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’.
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