Economist and Board Chairman of MTN Ghana, Dr Ishmael Yamson, says there is something different about the way Ghana’s economy is being managed under the current government.

He believes the difference is the focus on building resilience to sustain economic stability beyond the short term.

Speaking on Joy News’ PM Express on Tuesday, Dr Yamson said investors remain sceptical due to Ghana’s history of economic booms and busts.

“It’s a question that I have been asked many times, not by Ghanaians, but also by investors who have seen this country many times. They’ve seen the history. They know what it is. We go up, we come down. We take three years to build, and we take another five years to destroy.”

But he said the current economic trajectory gives him reason to be optimistic.

“It is 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.”

Dr Yamson commended the government for what he described as a dramatic improvement in economic stability within its first 18 months.

“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.”

He acknowledged arguments that the IMF programme and debt restructuring laid the foundation for the current stability.

“Well, it is possible. It is right to make those assumptions.”

But he said the real test is whether the government can build the structures needed to preserve the gains.

“You won’t get sustainability unless you build resilience.”

According to Dr Yamson, previous governments often took measures to stabilise the economy in the short term without creating the pillars needed to sustain 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.”

He cited the Gold for Reserves programme as one of the initiatives that could help build that resilience, while acknowledging its risks.

“I know that everybody is saying this is ambitious, but the Gold for Reserves program has its risks. There’s no doubt about that.”

He said achieving the programme’s target could provide a stronger buffer for the economy.

“But if they achieve the 15 months of cover by 2028, then I am very confident that we can sustain what, because that is the resilience you would have built to allow you to sustain the macro stability you are experiencing today.”

Dr Yamson also pointed to agriculture as another area where long-term investment could address structural problems.

He said food has consistently been one of the biggest drivers of inflation despite previous 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 that investing in 250,000 hectares for oil palm production, including for food production, could address the problem more fundamentally.

“You are resolving a very fundamental issue on a long-term basis.”

For Dr Yamson, Ghana must move beyond policies designed to deliver short-term stability and focus on building confidence among serious investors.

“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 investors setting up factories or plantations are thinking decades ahead, not electoral cycles.

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

“They are talking about giving governments a five-year term of office.”