Ghana’s repeated financial struggles have led it to seek support from the International Monetary Fund (IMF) 17 times in its 68-year history, a pattern that former Unilever Ghana boss says must end.
Dr Ishmael Yamson speaking on Joy News’ PM Express Business Edition on Thursday, warned that the country must avoid a dreaded 18th bailout by resetting its economic trajectory.
Reflecting on Ghana’s post-independence economic promise, the Board Chairman of MTN Ghana, lamented how the nation’s progress derailed after the overthrow of Kwame Nkrumah.
“We were very proud to be Ghanaian after independence. Anytime I walked into Unilever House in London, every African identified as Ghanaian, and the British assumed all Africans were Ghanaians. We were very, very proud of ourselves,” he said.
He recalled the vibrant industrial landscape in Tema during the 1960s.
“Factories were running everywhere. You could hear industrialisation taking place. Nkrumah set up nearly 400 vertically integrated manufacturing companies. Right next to these factories were raw materials to feed production.
“I bought my first Volkswagen, and the tyres were made by Bonsa Tyre Factory. We had rubber plantations supplying the factory. What else did we want?” he asked.
According to Dr. Yamson, Ghana’s economic downturn began with the closure of many state-owned enterprises after Nkrumah’s overthrow.
“The moment Nkrumah was removed, everything went downhill. That’s why I have always had a problem with the so-called Bretton Woods institutions. They forced the military government to close down many of these factories,” he noted.
He acknowledged that state-owned enterprises were struggling under government management, but criticized how privatisation was handled.
“I’m not saying divestiture was wrong. Nkrumah himself admitted that these state-owned enterprises were making losses. But we didn’t act judiciously. How many of them are left now? Most of them died,” he said.
Dr. Yamson pointed out the inefficiency of state-run businesses today.
“You saw the Finance Minister’s presentation at the National Economic Dialogue—only two of these state-owned enterprises are making money. The rest are loss-making because they serve political interests, not their original purpose,” he argued.
He expressed deep concern over Ghana’s reliance on external financial assistance.
“Today, go to any public office, and everything is about donor funds. How can a country in 68 years go to the IMF 17 times? And let us pray we don’t go for an 18th time,” he cautioned.
Despite the challenges, Dr. Yamson remained hopeful.
“Like the British say, the situation is difficult, but it’s not hopeless. I still have hope that if we truly implement the reset agenda we’ve all diagnosed and proposed, we won’t need to go back to the IMF again,” he concluded.
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