Import dependency should be tackled to keep away from IMF return – Mike Oquaye warns

Addressing the 2nd R. S. Blay Memorial lectures, delivered below the theme “Consolidating Democracy and the Rule of Legislation in Modern Ghana: If Justice R.S. Blay have been with us utilizing the Legislation as An Instrument of Social, political and financial engineering,” Prof. Oquaye burdened the pressing want for a complete and technocratic dialogue on Ghana’s method to harnessing its pure assets.

Talking on latest crises and their impression on international economies, Prof. Oquaye emphasised that Ghana’s financial rehabilitation is determined by drastic intervention to scale back its import dependency and successfully make the most of its mineral assets, or the nation will proceed to be prone to the IMF’s intervention.

“We should be re-examining our pure assets. We ought to be taking a look at ourselves as much less import dependent. If we want Ukraine’s wheat for our bread, then we’ll endure however that’s sadly the lot of our nation immediately. Each day, we’re all trooping to the Tema or Takoradi Ports to get what to put on and eat, due to this fact import dependency should be tackled from immediately. In any other case, we’ll go to the IMF each six years.

“Now we’re on the seventeenth time to the IMF, what would males like R. S. Blay take into consideration Ghana past the seventeenth time to the IMF? I consider that we would wish a brand new method to a nationwide orientation. What is going on to our Gold, Diamond, and Bauxite? If we have now received Oil, are we maximizing using the oil? What are our oil contracts like? Who makes the contracts? Do they know what they’re doing? Who approves of the contracts?”.

He additional known as for an professional inquiry into the allotment of public lands for the exploitation of Ghana’s assets like gold and petroleum.

“There should be what they name in England, Public Enquiry on the native stage. Do we have now public inquiries enshrined in our structure? In order that earlier than you’ll contact the Ghana oil, it doesn’t matter which celebration is in workplace, the oil fee which is totally technocratic with consultants who know the enterprise, what have they mentioned prematurely about it? Until we offer these checks and balances in our authorized and constitutional framework, which I consider males like Justice R.S. Blay would have been good at appearing upon and suggesting.

“That is mandatory as a result of what we have now, we’re not in a position to handle it and if we’re not in a position to maximize our oil and different assets, then what will we intend to rely on for our nationwide improvement? These are very severe points that teachers, technocrats, attorneys, and others should re-examine if we ought to be worthy of our name, particularly as college students of latest nationwide improvement”, he reemphasized.

The previous Speaker of Parliament added that the present nationwide improvement mannequin is tragic and due to this fact expressed the necessity for sustained nationwide improvement with a impartial Nationwide Improvement Planning Fee membership.

“It can’t be overemphasized {that a} Nationwide Improvement Planning Establishment is important on this nation. The current state of a pendulum in improvement whereby governments introduce new insurance policies throughout their tenure just for such insurance policies and attendant tasks deserted instantly after these governments depart workplace could be very tragic. Article 35(7), truly offers that, so far as practicable, a authorities shall proceed and execute tasks and applications commenced by the earlier governments.

“However, the politicization of the NDPC and the abandonment of varied tasks began by earlier regimes are significantly hurting this nation and we have to revisit this problem and counsel cures”, he known as.