Economist and Board Chairman of MTN Ghana, Dr Ishmael Yamson, has urged Ghana to move beyond short-term economic interventions and build stronger pillars that can sustain stability over decades.

He said successive governments have focused largely on stabilising the economy in the short term without doing enough to build resilience for the future.

Speaking on Joy News’ PM Express on Tuesday, Dr Yamson said the current economic gains were different from previous episodes of stability, although he acknowledged concerns about their sustainability.

“It’s been quite a challenge, and it’s difficult for people to believe that what is happening now is sustainable. But if you ask me, I would say it is different this time.”

He commended the government for what he described as significant economic progress over its first 18 months in office.

“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.”

However, Dr Yamson said sustainability must be assessed differently from short-term economic stability.

“You have to look at sustainability in a different way. I say to people, even when we do consult for companies, I say to them, you won’t get sustainability unless you build resilience.”

He argued that previous governments often took measures to stabilise the economy but failed to establish the structures needed to preserve those gains.

“In the past, you would find that most of literally all our governments did what they could do in the short term to stabilise the economy. Didn’t go the next step to ensure that they create the pillars that will hold the economy into the longer period.”

Dr Yamson cited Ghana’s efforts to boost food production as an example of the shortcomings of short-term interventions.

“If you look at our inflation basket, the biggest problem has always been food. We spent millions of money on Planting for Food and Jobs, right? And yet, food inflation never responded.”

He said the focus should instead be on investments that can address structural problems over the long term.

“Now, if the government says, I’m going to invest in 250,000 hectares for oil palm plantation, and part of it will be for food production in plantation form. You are resolving a very fundamental issue on a long-term basis.”

Dr Yamson also pointed to the Gold for Reserves programme as another potential pillar of economic resilience, although he acknowledged that the initiative 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. We can go through the risks and talk about the risks.”

He said achieving a 15-month reserve cover by 2028 would strengthen Ghana’s ability to sustain current macroeconomic stability.

“But if they achieve the 15 months of cover by 2028, then I’m 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.”

For Dr Yamson, Ghana must convince investors that its economic stability can last far beyond a political cycle.

“I believe that unless we can demonstrate to investors that we can maintain stability for a minimum of 10 years, we will go nowhere.”

He said serious investors make decisions with much longer horizons.

“But if it’s an investor that means business, sets up a factory, employs people, he’s thinking 30 years, 40 years.”

“So, we need to create that mindset that our stability should not be four years. Should be five years.”