IEA downplays nation’s resources depleted

The Institute of Economic Affairs (IEA) has downplayed claims that the nation is broke and needs financial assistance from the International Monetary Fund (IMF).

It stated that there was no need for the country to return to IMF because she was endowed with natural resources that could help build the economy and improve livelihoods of the citizenry.

“Ghana’s natural resources have been estimated at $10 trillion, we are not a poor country, we are sitting on natural resource worth $10 trillion and we do not even believe that we need the IMF,” the Institute insisted.

Speaking at a press conference in Accra on November 23, the Director of Research at the IEA, Dr John Kwakye, proffered that the IEA did not believe the country must return to the IMF because Ghana is not a poor country since she is endowed with natural resource which were being tapped to grow and develop the country to ameliorate the plight of citizens.

He asserted that the reason the nation and its neighbouring countries such as Nigeria were wallowing in poverty was, politicians teamed up with foreign investors to exploit their natural resources and either sit on the monies or repatriate them to their countries which they earn from them.

“It is about time the government utilises the country’s resources judiciously and expeditiously, for instance, take a look at Nigeria, they have very huge amount of resources but look at their people, they are probably also poor and you ask yourself, why is that? This is because all the time, the oil and gas and other resources are being exploited.

“They have also given them away to investors, and then the politicians and others have teamed up with foreigners and what trickles down to the ordinary person is nothing,” Dr Kwakye lamented. –

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