
Professor Aaron Mike Oquaye, a former speaker of parliament, has cautioned that import dependence must be severely reduced to prevent Ghana’s return to the International Monetary Fund (IMF).
He claims that if the inefficient use of natural resources and existing reliance on imports are not corrected, Ghana may be forced to ask the International Monetary Fund (IMF) for assistance within the next six years.
Speaking at the second R. S. Blay Memorial lectures with the title “Consolidating Democracy and the Rule of Law in Contemporary Ghana: If Justice R.S. Blay were with us using the Law as An Instrument of Social, Political and Economic Engineering,” Prof. Oquaye emphasized the pressing need for a thorough and technocratic discussion on Ghana’s strategy for harnessing its natural resources.
Speaking about recent crises and their effects on the world economy, Prof. Oquaye emphasized that drastic action must be taken to reduce Ghana’s reliance on imports and fully utilize its mineral resources, or the country will continue to be vulnerable to the IMF’s intervention.
“We need to review how we use our natural resources. We ought to consider ourselves less dependent on imports. We will suffer if we must import Ukrainian wheat for our bread, but that is today’s awful situation for our country. We all go to the Tema or Takoradi Ports every day to buy our food and clothing, so the problem of import dependency needs to be addressed right away. Otherwise, every six years, we shall visit the IMF.
“Now that Ghana has contacted the IMF 17 times, what do you think men like R. S. Blay would think about Ghana after that? We would, in my opinion, require a fresh strategy for a national orientation. What is occurring to our bauxite, diamonds, and gold? Are we using oil to its fullest potential if we have it? What kind of oil contracts do we have? Who drafts the agreements? Do they have the necessary knowledge? Who gives the contracts their approval?
Related
Bring me back home – Ambassador Mike Oquaye
Ghana’s High Commissioner to India, Mike Oquaye Jnr, alias “Gabo” is tired of India and wants to come back home. He has, therefore, picked nomination forms to contest in the upcoming parliamentary primary for the New Patriotic Party (NPP) in the Dome Kwabenya Constituency. But Mike Oquaye Jnr, faces stiff…
In "Hot Gossip"

Speaker Of Parliament;To Vote OR Not To Vote – Adwoa Safo In Limbo?
On midnight of 7th January 2021, the 8th Parliament of the 4th Republic will convene its first meeting after the dissolution of the 7th Parliament of our 4th Republic . With this comes a great responsibility for all 275 MP's elect, who will have the onerous task to…
In "Political news"

Akufo-Addo can’t remove Speaker of Parliament from office – Presidency to petitioners
The Presidency has rejected a petition by a group calling for the removal of the Speaker of Parliament over an alleged case of misconduct. The group known as the Alliance for Social Equity and Public Accountability (ASEPA), in a petition dated 9th July 2019 called on the President to as…
In "Political news"