Renowned business leader Dr. Ishmael Yamson has urged Ghana to break free from its cycle of financial instability by pursuing long-term economic reforms that reduce dependence on the International Monetary Fund (IMF).
Speaking on Joy News’ PM Express Business Edition, the former Unilever Ghana boss and Board Chairman of MTN Ghana lamented the country’s repeated reliance on IMF bailouts—17 times in 68 years—and stressed the need for a fundamental economic reset to prevent an 18th intervention.
Dr. Yamson traced Ghana’s economic struggles back to the post-independence era, highlighting how the country’s industrial boom under Kwame Nkrumah collapsed after his overthrow. He recalled the vibrant manufacturing sector of the 1960s, where state-owned enterprises flourished, creating jobs and fostering economic self-sufficiency.
“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 reflected.
However, he criticized the way successive governments handled state enterprises, arguing that while some were inefficient, their abrupt closure under external pressure from institutions like the IMF led to long-term economic decline.
“The moment Nkrumah was removed, everything went downhill. The Bretton Woods institutions forced the military government to close down many of these factories,” he said.
Dr. Yamson also pointed to Ghana’s continued struggle with state-owned enterprises, noting that only two of them are currently profitable, while most remain a drain on national resources due to political interference.
He warned that Ghana’s overreliance on foreign aid has stifled its ability to build a resilient economy.
“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 his concerns, Dr. Yamson expressed optimism that with the right policies and leadership, Ghana can regain economic stability.
“The situation is difficult, but it’s not hopeless. 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.
