The private sector has a critical role to play in reviving Ghana’s struggling economy, and now is not the time to stand on the sidelines, says Dr. Ishmael Yamson, Chairman of the National Economic Dialogue.
In an interview on Joy News’ PM Express Business Edition on March 6, he made a passionate appeal to the private sector, urging them to take an active role in addressing the economic crisis rather than waiting for government intervention.
“Now I’ll say to the private sector, this is not the time to stand on the fence. Be part of the solution to the problem, because we know, and we believe as the private sector, that we can make a big, big difference, and we must bring our expertise to help even the public sector,” he stated.
Dr Yamson, a seasoned business leader, stressed the importance of discipline and efficiency in private enterprise, which he believes is sorely lacking in the public sector.
“Because, you see, I’m not saying discipline, but the discipline in the private sector is far more outstanding than the discipline in the public sector. There’s a lot we can share with the public sector,” he noted.
The Chairman of MTN Ghana’s Board suggested that business leaders can play a key role in shaping policy and governance through collaboration.
Addressing concerns from foreign investors who may be hesitant about Ghana’s economic trajectory, Dr Yamson struck an optimistic tone, asserting that the country had reached its lowest economic point and could only improve from here.
“To investors sitting outside Ghana, I will say, don’t give up, because this country cannot go any further down than it is today,” the former Unilever Ghana boss reassured.
He pointed to renewed efforts at self-reflection and course correction, highlighting recent economic dialogues aimed at preventing the policy missteps of the past.
“You have seen the spirit that is emerging, the awareness by ourselves of our own mistakes, and we pledge at the National Economic Dialogue that we are not going to repeat those mistakes again,” he said.
He also expressed confidence that political leaders would align with the private sector in a shared mission for economic recovery.
“Our politicians will come along with us, and we will be development partners, partners in growth.”
Despite the challenges, Dr. Yamson emphasised Ghana’s strategic position on the African continent and its potential for economic resurgence if stakeholders work together.
“So my encouragement to the private sector is stay, invest. Let’s build a better Ghana,” he urged.
He ended on a hopeful note, stressing the need for a collective national effort to reset Ghana’s economic trajectory.
“Because if we take Africa, we are so strategically located that if only we all work together, supported by a genuine effort to reset Ghana, we will all be better off.”
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