Economist Dr. Ishmael Yamson has expressed deep concern over the worsening economic crisis in the country, describing it as the most challenging period for businesses in decades.
Speaking on Joy News’ PM Express Business Edition, he said the current economic downturn gives him nightmares, leaving him awake at night questioning, “Where did we go wrong?”
It has been tumultuous…the last six months have been quite unsettling, volatile, and difficult for our business. I can say with certainty that I’ve never seen anything like this in the past 40 years,” he said on Thursday.
The former Unilever Ghana boss continued, “Look at the depreciation of the cedi, which hit an all-time high last month. I thought we might see some improvement, but it continues to depreciate.
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.
“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.
He said the local currency’s nose dive against major international currencies, the rate of inflation, and every economic indicator aren’t adding up.
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.
“Having spent 30 years with the multinational company 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.
“If anybody asks me what keeps me awake at night, I will tell you it is the Ghanaian economy.”