Stability must last 10 years, not 4 – Dr Yamson challenges gov’t to make boom-bust economy last
Economist and Board Chairman of MTN Ghana, Dr Ishmael Yamson, has challenged the government to ensure Ghana’s current economic stability lasts for at least a decade.
Dr Ishmael Yamson, the economist and Board Chairman of MTN Ghana, has urged the government to ensure that Ghana's recent economic stability endures for at least a decade. He insists that investors require long-term certainty before investing their resources into the country. In an interview on Joy News’ PM Express, Dr Yamson highlighted Ghana's history of economic cycles, which has led to skepticism among investors about the sustainability of the current stability.
"They’ve seen the history. They know what it is. We go up, we come down. We take three years to build, and we take another five years to destroy," he explained.
Dr Yamson acknowledged Ghana's government for the progress achieved in the past 18 months but emphasized that the real challenge lies in building resilience to safeguard the gains from future economic shocks. He criticized past governments for focusing on short-term measures to stabilize the economy without establishing the necessary structures to sustain these gains.
Dr Yamson cited the government's Gold for Reserves program as a potential initiative to boost Ghana's economic resilience, albeit with inherent risks. If the program achieves a 15-month reserve cover by 2028, he believes it will lay a strong foundation for long-term economic stability.
The economist also advocated for long-term investments in agriculture as a means to address structural weaknesses in the economy. He noted that Ghana's persistent food inflation, despite previous interventions like the Planting for Food and Jobs program, demonstrates the limitations of such measures. Dr Yamson suggested that investing in 250,000 hectares of oil palm plantations, including for food production, could provide a long-term solution to food inflation.
Dr Yamson stressed that merely controlling expenditure is not sufficient for economic stability. He argued that the government must create resilience-building pillars that can withstand future economic challenges. He believes that if Ghana's government diligently implements its long-term resilience initiatives, the country can break its historical boom-bust cycle.
However, he stressed the importance of convincing investors that Ghana's stability will endure beyond political cycles, as investors make decisions based on decades rather than electoral terms.
Written by urgent.news from Joy Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
