Make the IMF bailout include a restriction on certain imported commodities

Make the IMF bailout include a restriction on certain imported commodities – Professor Oquaye

Prof. Mike Oquaye, a former speaker of parliament, has encouraged the government to include a restriction on certain imported items, like as rice and noodles, in the IMF bailout recommendations.

The Ghanaian government has been requesting a loan facility from the IMF in order to restore economic stability in the nation.

However, the former speaker of the assembly thinks that any agreement that does not address the fundamental issues facing the economy would be pointless.

Prof. Mike Oquaye advocated for the defense of startups against foreign competition in an interview conducted on the margins of the University of Ghana’s political science department’s 60th anniversary celebration.

“The economy has to be arranged such that we may all gain from it. We have visited the IMF 17 times; no one is to blame for our current choice. Covid-19 and the Russia-Ukraine conflict are both significant issues. As we do, so many other countries are in distress. Additionally, it is harder when a nation is unduly reliant on others.

“We rely on exports for goods like wheat, rice, and even noodles. In the event of a bigger catastrophe, we can only speculate as to what will happen to us. If we want to recover and gain from the IMF bailout, we should consider prohibiting the importation of specific goods.