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| (Former Chief Justice Sophia Akuffo ) |
Former Chief Justice Sophia Akuffo has voiced profound concerns about Ghana's approach to leveraging its natural resources as a means to attain financial independence and reduce reliance on external support, notably the International Monetary Fund (IMF). Akuffo highlighted the critical connection between the country's resource management and its ongoing reliance on IMF assistance. Her remarks, made in the context of Ghana's lithium mining deal with Barari DV Ghana Limited, underscore the urgency of responsible resource utilization for the nation's economic autonomy.
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Akuffo cautioned against the prevalent trend of "selling" natural resources to external entities at low valuations, emphasizing that this practice perpetuates a cycle of dependency on institutions like the IMF. She astutely pointed out that Ghana's traditional mineral reserves, including gold, diamond, oil, and bauxite, have long been available for extraction, yet the country has persistently sought IMF loans with unfavorable terms. Her striking analogy comparing this cycle to "cyclical malaria" powerfully conveys the repetitive nature of this pattern and the necessity for transformative action.
In advocating for a shift in strategy, Akuffo stressed the need for Ghana to move away from relying solely on royalties and instead explore and exploit its resources with a more proactive and informed approach. Her emphasis on consistent examination of resource availability and exploration opportunities highlights the importance of forward-looking strategies to maximize the benefits of local resources and minimize dependency on external frameworks.
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Expressing her conviction that better agreements are within reach, Akuffo urged the government to ensure that Ghana secures deals that are fair and beneficial to the country. She underscored the importance of meticulous analysis and due diligence in negotiating resource exploitation agreements, emphasizing the need to tailor these agreements for the optimal benefit of the nation.
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