Prof Mike Oquaye calls for a shift in African Economic Strategies away from IMF dependence

In a compelling address at the 2nd General Assembly of the Conference of Speakers and Presidents of African Legislatures, former Speaker Professor Aaron Mike Oquaye emphasized the urgent need for African parliaments to address the continent’s recurrent reliance on the International Monetary Fund (IMF).

He highlighted this dependence as a significant issue that must be placed at the forefront of parliamentary discussions. Oquaye noted that “going to the IMF has become part and parcel of our politics and management of our economies.”

He called on African legislators to consider how best to resolve this perennial reliance on external financial assistance, urging a reevaluation of national economic strategies. “It is time we put it strongly on the agenda of Africa parliaments,” he insisted, signaling a critical shift in focus towards self-reliance.

With Africa possessing more than half of the world’s natural resources, Oquaye argued that the continent has the potential to be far stronger than its current economic standing reflects.

“These resources should make us far stronger than we are,” he stated, stressing that the wealth of the continent should empower nations to develop sustainable economic practices without resorting to external bailouts.

Reflecting on the historical context, Oquaye recalled that Africa’s past challenges included decolonization and the subsequent push for democratization. He asserted, “The time has come for development,” marking a shift in focus from political independence to economic empowerment.