To Prevent An IMF Return, Import Dependency Must Be Address

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? He also demanded a professional investigation into the distribution of public lands for the extraction of Ghana's natural resources, like as gold and petroleum. "Public Enquiry, as they are known in England, must exist at the local level. Does our constitution mention public inquiries? No matter whatever party is in power, you shouldn't touch the Ghanaian oil until you've heard what the oil commission, which is entirely technocratic and composed of industry specialists, has to say. Unless we enact these legal and constitutional safeguards—which, in my opinion, men like Justice R.S. Blay would have been adept at advocating and putting into practice—checks and balances. "This is vital because what we already have cannot be managed, and if we are unable to fully utilize our oil and other resources, then what are we going to rely on for the advancement of our country? If we are to be worthy to our calling, especially as students of current national development, academics, technocrats, lawyers, and others must reexamine these really significant questions. The former Speaker of Parliament went on to say that the existing paradigm of national development is terrible and that there is a need for sustained national development with a membership of the National Development Planning Commission that is impartial. "The need for a National Development Planning Institution in this country cannot be overstated. It is quite regrettable that governments now introduce new policies throughout their terms of office only to see those policies and any accompanying projects abandoned as soon as those governments leave office. According to Article 35(7), a government must carry out projects and programs started by previous administrations as much as is practical. Strengthening accountability mechanisms: Establishing robust monitoring and evaluation systems to track the progress and outcomes of development projects. This can help identify potential issues early on and hold responsible parties accountable for project delivery and performance. It's important to note that the remedies will depend on the specific context and challenges faced by the nation in question. OTHER STORIES NANA ADDO AND NPP INTENTIONALLY FAILED 6,451 GRADUATE WHO SAT FOR LICENSE EXAMS BECAUSE THEY CAN’T EMPLOY THEM – YESU KRONKO. Your body is being actively dehydrated by 4 drinks. Vhictor ft. Keche – Ano dey talk – Prod. Forqzy beatz New After an NDC member was killed in a car accident, Mahama halted his campaign in Assin North. ARTICLE 66 OF THE CONSTITUTION IS CLEAR ON THE PRESIDENTIAL FORTUNES OF MAHAMA BUT THE SUPREME COURT IS THE BEST INTERPRETER – LAWYER.

To prevent an IMF return, import dependency must be addressed, cautions Mike Oquaye

To prevent an IMF return, import dependency must be addressed, cautions Mike Oquaye

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NANA ADDO AND NPP INTENTIONALLY FAILED 6,451 GRADUATE WHO SAT FOR LICENSE EXAMS BECAUSE THEY CAN’T EMPLOY THEM – YESU KRONKO.

Your body is being actively dehydrated by 4 drinks.

Vhictor ft. Keche – Ano dey talk – Prod. Forqzy beatz New

After an NDC member was killed in a car accident, Mahama halted his campaign in Assin North.

ARTICLE 66 OF THE CONSTITUTION IS CLEAR ON THE PRESIDENTIAL FORTUNES OF MAHAMA BUT THE SUPREME COURT IS THE BEST INTERPRETER – LAWYER.

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Your body is being actively dehydrated by 4 drinks.

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