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. He says investors need long-term certainty before committing significant capital to the country. Speaking on Joy News’ PM Express on Tuesday, Dr Yamson said Ghana’s history of economic cycles has made investors sceptical about whether the current gains can last.

We take three years to build, and we take another five years to destroy.” He said this history makes it difficult for investors to believe that the current stability is sustainable. “But if you ask me, I would say it is different this time.” Dr Yamson commended the government for the progress made over the past 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 that they have had to, because if you recall where we came from, being where we are today can only be commended.” However, he said the real test is whether the government can build the resilience needed to protect the gains from future economic shocks. “You won’t get sustainability unless you build resilience.” According to Dr Yamson, previous governments often focused on short-term measures to stabilise the economy without creating the structures needed to sustain those gains. “Most of literally all our governments in the past did what they could do in the short term to stabilize the economy.

Didn’t go the next step to ensure that they create the pillars that will hold the economy into the longer period.” He cited the government’s Gold for Reserves programme as one initiative that could strengthen Ghana’s economic resilience, although he acknowledged that it carries risks. “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.” But he said achieving 15 months of reserve cover by 2028 would provide a stronger foundation for economic stability.

“If they achieve the 15-month cover by 2028, then I am very confident that we can sustain it, because that is the resilience you would have built to allow you to sustain the macro stability you are experiencing today.” Dr Yamson … Economist and Board Chairman of MTN Ghana, Dr Ishmael Yamson, says there is something different about the way Ghana’s economy is being managed under the current government. He believes the difference is the focus on building resilience to sustain economic stability beyond the short term.

Speaking on Joy News’ PM Express on Tuesday, Dr Yamson said investors remain sceptical due to Ghana’s history of economic booms and busts. “It’s a question that I have been asked many times, not by Ghanaians, but also by investors who have seen this country many times. We take three years to build, and we take another five years to destroy.” But he said the current economic trajectory gives him reason to be optimistic.