Business News Thu, 31 May 2018

Unnecessary bureaucracy will cripple economy – Ishmael Yamson

Chairman of Ishmael Yamson and Associates, Dr Ishamael Yamson has bemoaned the cumbersome bureaucratic process for businesses in the country.

He thus warned that if nothing is done, the economy will be in shambles as it will lead to businesses folding up.

“We still have too much government pervasive bureaucracy and far too many business regulations and taxes,” he stated adding, “For as long as we believe that our problems should and can only be resolved by government, we will continue to create many more government institutions to consume the little revenue government generates and then tax our citizens and the private sector to fund the unproductive bureaucracy.”

The purpose of government, he asserted must be to benefit the public and not to justify the existence of government jobs.

Dr. Yamson was speaking Wednesday at the Ishmael Yamson and Associate Roundtable discussion on the economy.


Themed “Ghana, in search of prosperity,” the roundtable hosted business executives, stakeholders, policymakers and non-governmental organizations to discuss current economic challenges in the country and how to address them.

The discussion centered on five thematic areas namely, security, governance, competitiveness, human capital development and social mobility.

On his part, a former Governor of Bank of Ghana Dr. Paul Acquah cautioned government against only using macro indicators as measure that the economy is progressing.

“Macro stability is not enough. Equally important are factors that shape an economy’s structural foundations,” he stated.

Some of the speakers who spoke at the event included Mr. Paul Kingsley Acquah, former Deputy Director for the Africa Department of the International Monetary Fund (IMF), Security Analyst, Kwesi Anning, Mr. Kojo Addae-Mensah, Group Chief Executive Officer at Databank Asset Management Services Ltd and Mr. Charles O. Boamah who is the Senior Vice-President of the African Development Bank Group.

Source: Starrfmonline.com