General News of 2014-05-27

Economic crisis, a great prospect for Ghanaians - Yamson

Experienced business consultant has charged Ghanaians to see great opportunities amid current economic crisis because "the greatest time to make money is in difficult times".

"Don't be overwhelmed by the difficulties", Ishmael Yamson rallied in an interview on Joy FM's Super Morning Show Tuesday.

His call comes at a time when the Ghana cedi trades GHc3 to a dollar - a record depreciation since the new currency was introduced in 2007.

Association of Ghana Industry (AGI) in 2013, rated erratic energy supply and high interest on loans in the top 2 of 10 challenges. There is public dissatisfaction because high cost of living is eroding incomes. This has informed Trades Union Congress (TUC) demand for increases in the minimum wage.

And there is a 12% budget deficit feeding fears, government is heading for an IMF bail-out to get funds needed for executing government programmes.

A 22-point, known as the Senchi Consensus, has been recommended by experts to salvage Ghana's ailing economy.

But, Ishmael Yamson credited with the transformation of Unilever Ghana Limited during his 18-year leadership of the moving consumer goods company, sees great avenues for wealth-creation and businesses.

He explained, at Unilever it became difficult for the company to give out goods on credit because "giving credit..is cost to you". He said he stopped Unilever from giving out credit and got banks to finance distributors.

He went on to point out how he doubled the company's fortunes after he simplified interventions between the time customers make an order and get delivery into 4 simple processes.

In difficult times such as Ghana's current problems, business and Ghanaians "must learn to do things differently", the consultant advised.

Ishmael Yamson who has been chairman of Benso Oil Palm, Unilever and Standard Chartered Bank is organising a conference to teach business executives, graduates and even public servants steps to turn crisis into opportunities to prosper.