Ghana has sought support from the International Monetary Fund (IMF) 17 times in its 68-year history. Former Unilever Ghana boss Dr. Ishmael Yamson insists this pattern must stop.
Speaking to the media, Dr. Yamson warned against a feared 18th bailout. He urged Ghana to reset its economic course.
Reflecting on Ghana’s early promise, MTN Ghana Board Chairman Yamson recalled the nation’s post-independence pride. Dr Ishmael Yamson lamented its decline after Kwame Nkrumah’s overthrow.
“We were very proud to be Ghanaian after independence,” he said. “Every African identified as Ghanaian in London, and the British assumed the same.”
He remembered Tema’s vibrant industrial landscape during the 1960s. “Factories were running everywhere. Nkrumah set up nearly 400 vertically integrated manufacturing companies,” Yamson recalled.
Dr. Ishmael Yamson shared his personal experience of Ghana’s industrial success. “I bought my first Volkswagen, and the tyres came from Bonsa Tyre Factory. Raw materials were always nearby,” he said.
According to Ishmael Yamson, Ghana’s economic downturn began with the closure of state-owned enterprises after Nkrumah’s overthrow. “Once Nkrumah was removed, everything fell apart,” he noted.
He blamed Bretton Woods institutions for pushing the military government to close many factories. “They forced these closures, and we’ve paid the price,” he said.
While state-run businesses struggled, Yamson criticized the privatization process. “Divestiture wasn’t wrong, but we didn’t handle it well. Most of these enterprises died,” he explained.
He highlighted the inefficiency of today’s state-run businesses. “Only two state-owned enterprises make money; the rest serve political interests,” he argued.
Yamson expressed concern over Ghana’s dependence on external financial aid. “After 68 years, how can we go to the IMF 17 times? Let’s pray we avoid an 18th,” he said.
Despite the challenges, Yamson remained hopeful about Ghana’s future. “The situation is difficult, but not hopeless. If we implement the reset agenda, we won’t need the IMF again,” he finalised.
 17 times in its 68-year history. Former Unilever Ghana boss Dr Ishmael Yamson...){kind=link}