The former Unilever Ghana boss, Dr. Ishmael Yamson, has underscored the need for strict fiscal discipline as the foundation for resetting Ghana’s struggling economy.
The MTN Ghana Board Chair speaking on Joy News’ PM Express Business Edition on Thursday, March 6, he commended President John Mahanma’s decision to reduce the number of ministers and deputy ministers from over 100 to 60.
Calling it “a big leap”, he said it is a proof that significant changes can be made when the political will exists.
“What that says is that it can be done, so the Finance Minister’s priority must be fiscal discipline. The moment you establish fiscal discipline, the monetary policy will help the macro stability faster,” Dr. Yamson stated.
He expressed confidence in Finance Minister Dr. Cassiel Ato Forson, stating, “I am very, very confident Dr. Forson is determined to do just that. I know, and he knows, that the pressure will not ever go down.”
While acknowledging that economic recovery will take time, he stressed the importance of laying a strong foundation within the current administration’s four-year mandate.
“At least they have four years. If they can’t do it all, they must demonstrate visibly that they are laying the foundation and they are on track. Nobody can build all the hospitals in Ghana in four years. It’s all possible, but we must see progress.”
Dr. Yamson argued that a major factor in economic success is leadership integrity and public trust.
“I have learned throughout my career that if you are truthful with your followers, they will follow you because they trust you. The important thing is to tell them the truth. If it is good, say it is good. If it is tough, say it is tough.”
He also warned against the hypocrisy of leaders who demand sacrifices from citizens without making any themselves.
“You must demonstrate that you don’t ask me to tighten my belt when you have your belt loosened twice. Living and leading by example are going to be very critical to this government, including the President himself, his Vice, and his Cabinet Ministers.”
For Dr. Yamson, a true economic reset requires more than rhetoric.
“When you say ‘I’m going to reset,’ it means you are going to stop. You are going to do things very differently from what was being done before, and people will watch.”
His remark is a call to action for the government to take decisive steps toward fiscal discipline and policy transparency to restore public confidence and drive sustainable economic recovery.
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