Renowned business leader and economist, Dr. Ishmael Yamson, has cautioned that economic recovery cannot rely on monetary policy alone, stressing that fiscal discipline must be the top priority of the government.

Speaking on Joy News’ PM Express Business Edition on Thursday, March 6, the former Unilever Ghana boss and current Chairman of MTN Ghana’s Board commended President John Mahama for reducing the number of ministers and deputy ministers from over 100 to 60, calling it a significant step in the right direction.

However, he insisted that this alone would not be enough to steer the country out of its economic challenges.

"The President has set the tone by reducing the number of ministers and deputy ministers to 60 from over 100. That’s a big leap. That’s a big step. What that says is that it can be done. So, the Finance Minister, his priority must be fiscal discipline," Dr. Yamson stated.

He emphasised that without strong fiscal measures in place, monetary policy alone would not be able to stabilize the economy at the needed pace.

"The moment you establish fiscal discipline, the monetary policy will help macro stability faster," he explained.

Dr. Yamson expressed confidence in Finance Minister Dr. Cassiel Ato Forson’s ability to implement the needed reforms but acknowledged the challenges ahead.

"I am very, very confident Dr. Cassiel Ato Forson is determined to do just that. I know, and he knows, that the pressure will not ever go down," he said.

He noted that the government has a four-year mandate and must use that time wisely.

"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."

He stressed the importance of honesty and transparency in leadership, arguing that the government must clearly communicate the realities of the economic situation to Ghanaians.

"Nobody can build all the hospitals in Ghana in four years. It's not possible, but we can see. And I've said, I have learned throughout my career that if you are truthful with your followers, they will follow you because they trust you," he stated.

According to him, trust is a key component of successful governance, and leaders must be upfront about both successes and difficulties.

"The important thing is to tell them the truth. If it is good, say it’s good. If it is tough, say it is tough."

Dr. Yamson also underscored the necessity of leading by example, warning against double standards in governance.

"You must demonstrate that you don't ask me to tighten my belt when you have your belt loosened twice," he remarked, stressing that government officials must embody the discipline they expect from citizens.

"Living and leading by example are going to be very critical to this government, including the President himself, his Vice, and his Cabinet Ministers. Everybody must understand that 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."

Dr Yamson’s call for fiscal discipline, honest leadership, and shared sacrifice highlights the growing concerns about Ghana’s economic management.