Food inflation never responded – Dr Yamson says Ghana must stop throwing money at short-term fixes
Economist and Board Chairman of MTN Ghana, Dr Ishmael Yamson, has urged Ghana to move beyond short-term economic interventions and build stronger pillars that can sustain stability over decades.
Dr. Ishmael Yamson, the economist and Board Chairman of MTN Ghana, has urged Ghana to shift away from short-term economic fixes and instead focus on constructing long-term stability. In an interview on Joy News’ PM Express, Dr. Yamson criticized successive governments for primarily tackling economic issues in the short term, without building the necessary resilience for the future.
While acknowledging the government's significant progress over the past 18 months, Dr. Yamson emphasized that sustainability must be evaluated differently from short-term stability. He argued that previous administrations took measures to stabilize the economy but failed to establish the essential structures required to maintain those gains.
In particular, Dr. Yamson cited Ghana's efforts to increase food production as an example of the limitations of short-term interventions. Despite investing millions in the "Planting for Food and Jobs" initiative, food inflation has remained unaffected.
The economist suggested that the government should invest in long-term solutions, such as establishing 250,000 hectares for oil palm plantations, which could directly address critical structural issues in the economy. He also acknowledged the Gold for Reserves program as a potential pillar of economic resilience, albeit with inherent risks. Dr. Yamson noted that achieving a 15-month reserve cover by 2028 would bolster Ghana's capacity to sustain its current macroeconomic stability.
For Dr. Yamson, convincing investors of Ghana's long-term stability is crucial. He stressed that serious investors consider horizons of 10 years or more, and the government must demonstrate its ability to maintain stability for at least that period. He highlighted that investors typically make decisions with long-term perspectives, employing people and establishing factories on a multi-decade basis.
Dr. Yamson argued that Ghana needs to foster this mindset, so that economic stability is seen as lasting for at least five years, rather than just a few years of a political cycle.
Written by urgent.news from Joy Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
