Prior to the official establishment of Hasanuddin University in 1956, the Faculty of Economics as a branch of Faculty of Economics of Indonesian University was established in Makassar in 1947. This establishment was based on the Decree of Lieutenant General Governor of the Dutch-Hindian Government No. 127 on July 23rd, 1947.
Due to its uncertain condition and the turmoil in Makassar as well as its surroundings, the Makassar campus led by Drs. L.A. Enthoven was declared closed and it was reopened on October 7th, 1953 under the leadership of Prof. Drs. G.H.M. Riekerk. The spirit of Unhas was generated from the Faculty of Economics when Prof. Drs. Wolfhoff and Drs. Muhammad Baga were appointed as Acting-Director and Secretary on the September 1st, 1956, until Hasanuddin University was officiated on the September 10th, 1956.