{
  "id": 2296517,
  "title": "Gold for Reserves has risky, but necessary – Dr Yamson backs Mahama govt’s gold strategy",
  "url": "https://urgent.news/2026/08/20/gold-for-reserves-has-risky-but-necessary-dr-yamson-backs-mahama-2296517",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-20T23:41:00.000Z",
  "source": {
    "name": "MyJoyOnline Ghana",
    "slug": "myjoyonline-ghana",
    "url": "https://www.myjoyonline.com/gold-for-reserves-has-risky-but-necessary-dr-yamson-backs-mahama-govts-gold-strategy/"
  },
  "original_language": "en",
  "account": "Economist Dr Ishmael Yamson, the Board Chairman of MTN Ghana, has lent his support to the government's Gold for Reserves programme as part of efforts to safeguard Ghana's recent economic progress. However, he acknowledges the programme carries inherent risks.\n\nDr Yamson pointed out Ghana's past history of economic instability, noting that investors have witnessed the country's cyclical up and down trends. \"They go up, we come down. We take three years to build, and we take another five years to destroy,\" he lamented. Despite this, he believes the current situation is different. \"If you ask me, I would say it is different this time,\" Dr Yamson stated.\n\nHe commended the current government for the economic improvements achieved in its first 18 months. \"First of all, let me congratulate this government for what it has achieved in 18 months. We haven't achieved that level of economic stability before. It's just dramatic, and it is worth commending them,\" he said.\n\nDr Yamson also acknowledged that the IMF programme and debt restructuring may have contributed to the current stability. \"Well, it is possible. It is right to make those assumptions,\" he admitted.\n\nHowever, his primary concern is whether these gains can endure beyond the short term. \"You won't get sustainability unless you build resilience,\" he emphasized. He noted that past governments tended to focus on stabilising the economy in the short term, without laying the groundwork for long-term sustainability.\n\nHe highlighted the Gold for Reserves programme as a potential pillar for this resilience. \"I know that everybody is saying this is ambitious, but the Gold for Reserves program, it has its risks. There's no doubt about that. We can go through the risks and talk about the risks,\" he said. He believes the programme could significantly enhance Ghana's economic resilience if it achieves its target. \"But if they achieve the 15 months cover by 2028, then I am very confident that we can sustain what, because that is the resilience you would have built to allow you to sustain the macro stability you are experiencing today,\" Dr Yamson said.\n\nHe also suggested that agriculture could be another area for long-term investment to address persistent economic issues. \"If you look at our inflation basket, the biggest problem has always been food. We spent millions of money on Planting for Food and Jobs, right? And yet, food inflation never responded,\" he observed. He suggested that the government's proposed investment in oil palm plantations could address this issue more fundamentally. \"Now, if the government says, I’m going to invest in 250,000 hectares for oil palm plantation, and part of it will be for food production in plantation form. You are resolving a very fundamental issue on a long-term basis,\" he explained.\n\nFor Dr Yamson, convincing investors of the sustainability of economic stability is crucial. \"I think that if this government commits itself and actually sees through all the resilience initiatives that they have, you know, started, then I have no doubt,\" he said. \"I believe that unless we can demonstrate to investors that we can maintain stability for a minimum of 10 years, we will go nowhere,\" he emphasized. He noted that serious investors make decisions based on long-term horizons. \"No investor comes to any country to invest money unless it is a briefcase investor who comes here, makes a quick buck, and runs away. But if it’s an investor that means business, sets up a factory, employs people, he’s thinking 30 years, 40 years,\" he pointed out.",
  "summary": "Economist and Board Chairman of MTN Ghana, Dr Ishmael Yamson, has backed the government’s Gold for Reserves programme as part of the measures needed to protect Ghana’s recent economic gains.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "Joy Business",
        "title": "Gold for Reserves has risky, but necessary – Dr Yamson backs Mahama govt’s gold strategy",
        "url": "https://urgent.news/2026/08/20/gold-for-reserves-has-risky-but-necessary-dr-yamson-backs-mahama",
        "published": "2026-08-20T23:41:00.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}