Going to the IMF has become part and parcel of our politics - Prof. Mike Oquaye laments

Former Speaker of Parliament, Professor Aaron Mike Oquaye has called for African countries to tackle the continent's ongoing reliance on the International Monetary Fund (IMF).

During a speech at the 2nd General Assembly of the Conference of Speakers and Presidents of African Legislatures, Prof. Oquaye pointed out that this dependence has become ingrained in the political and economic management of African countries.

“Going to the IMF has become part and parcel of our politics and management of our economies,” he lamented.

He urged legislators to prioritise finding solutions to reduce this reliance on external financial aid, advocating for a reevaluation of national economic strategies.

"It is time we put it strongly on the agenda of African parliaments," he declared, emphasising a shift towards self-reliance.

Highlighting Africa's vast natural resources, which account for more than half of the world's supply, Prof. Oquaye argued that the continent has the potential to be much stronger economically.

"These resources should make us far stronger than we are," he said.

He urged African nations to leverage their wealth to develop sustainable economic practices without needing external bailouts.

Reflecting on Africa's historical challenges, including decolonisation and the push for democratisation, Prof. Oquaye stated, "The time has come for development."

ID/MA

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