By Ashiadey Dotse
Former chairman of Unilever Ghana and MTN Board, Dr. Ishmael Yamson, believes that Ghana lost its economic independence when Dr. Kwame Nkrumah was removed from power in 1966.
Speaking on Joy News’ PM Express Business Edition on March 6, 2025, Dr. Yamson said that under Nkrumah, Ghana had a strong and growing economy. However, after his overthrow, the country’s economic progress slowed down.
“We were proud to be Ghanaians after independence. At that time, every African wanted to be associated with Ghana,” he said.
Dr. Yamson explained that Nkrumah built many factories to support local industries, helping Ghana move towards economic independence. He recalled that Tema had a thriving industrial sector, and the country produced many of its own goods.
“Nkrumah set up almost 400 manufacturing companies. I remember my first Volkswagen—the tyres were made at the Bonsa Tyre Factory. Raw materials were available locally. Ghana was on the right track,” he noted.
However, things changed when Nkrumah was removed from power. Dr. Yamson blamed international financial institutions like the Bretton Woods institutions for forcing Ghana’s military government to close many factories. He also criticized the poor handling of state enterprises.
“Over 370 state-owned companies were marked for sale when I was chairman of Unilever. Involving the private sector was not wrong, but it was not done properly. Today, most of these companies no longer exist,” he said.
Dr. Yamson also warned against Ghana’s repeated dependence on the International Monetary Fund (IMF). He noted that the country has sought IMF assistance 17 times in its 68-year history and urged leaders to prevent a return for an 18th bailout.
“We need to reset our economy. The situation is tough, but not hopeless,” he concluded.
