Economist Dr. Ishmael Yamson has described the unpredictability of Ghana’s economy as a significant challenge for businesses, emphasizing that the current economic conditions hinder effective business operations and planning.
Dr. Yamson highlighted the necessity of a stable economic environment for businesses to function optimally, a condition he believes is currently lacking in Ghana.
“This period is the most difficult time that Ghanaian businesses have faced. You need a predictable economy, but we currently have a completely unpredictable economy,” he stated.
He further criticized the lack of visible efforts from the government or other entities to address and rectify the economic situation, expressing skepticism about any signs of improvement.
“The most difficult aspect is that there doesn’t seem to be a real effort from the government or anyone else to change direction, and I can’t see anything indicating that the economy is improving,” Dr. Yamson added.
The economist observed that businesses are struggling under these harsh conditions, particularly manufacturers.
“If you are a businessman in this economy today, you probably sleep with nightmares. You wake up the next morning not knowing what will hit you next, and it’s been especially tough for manufacturers,” he said.
Drawing on his experience with the multinational company Unilever, Dr. Yamson empathized with the frustrations faced by businesses amid the crisis.
“Having spent 30 years with Unilever, I can really sense their frustrations in the current crisis. This is because you don’t have control over your costs, absolutely no control. All your costs are determined by factors outside your control as a business,” he explained.
In a candid remark to Joy FM, Dr. Yamson revealed his personal concern over the economic situation, stating, “If anybody asks me what keeps me awake at night, I will tell you it is the Ghanaian economy.”
