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A 70% import dependent economy is no economy – Mike Oquaye makes case for local industries

Professor Aaron Mike Oquaye, a former speaker of parliament, has urged the government to concentrate on making savings and investments in regional businesses as a way to address the nation’s economic problems.

The statesman pointed out that it was incorrect to link the economic crisis in Ghana to COVID 19 and the Russia-Ukraine war when speaking as a guest of honor at the 60th anniversary inauguration of the University of Ghana Political Science Department on Friday, July 22.

He insisted that the country’s current problems were caused by its over reliance on imports of goods, particularly agricultural items.

Yes, COVID, the Ukraine War, and other factors have severely impacted us, but it’s crucial to note that these problems are only symptoms. An economy that depends on imports more than 70% of the time is not an economy.
“Should we just perish if a worldwide epidemic worse than COVID or a global war worse than Ukraine occurs, and no ships come into our ports for more than a year or two? What about the sugar, rice, wheat, Indomie, etc.? It’s a worthwhile thing to ask,” Prof. Oquaye said.

In his speech on the topic of “Charting transformational leadership for global growth,” he pushed for a revamped industrialization strategy and encouraged the government to place more of its attention on developing start-up enterprises.

“Our economy needs to be reorganized so that we can feed ourselves first and foremost with what we produce. If this is not achievable, then our country doesn’t deserve to exist. We must get our act together and start producing food. To process, store, and transport food, juices, and other products, we should consider our local agro-based companies. How is it possible that as we suffer, mangoes are decaying in Mangoase, Dodowa, and other places of Ghana? We must industrialize, increase agricultural output, and protect them.

In order to boost the nation’s industries, Prof. Oquaye contends that it is necessary to prohibit the importation of items that can be made domestically.

 

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