We will never be free from the IMF if we continue like this – Sophia Akuffo reacts to Lithium deal

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We will never be free from the IMF if we continue like this – Sophia Akuffo reacts to Lithium deal

Sophia Akuffo, the former Chief Justice, has expressed dissatisfaction with Ghana's approach to using its natural resources in order to get away from

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Sophia Akuffo, the former Chief Justice, has expressed dissatisfaction with Ghana’s approach to using its natural resources in order to get away from the International Monetary Fund and other external support systems.

She claims that as long as the nation keeps offering its resources at a low price to foreigners, it will never be able to break the cycle of needing funding from the IMF.

She was speaking about the lithium mining agreement between Ghana and Barari DV Ghana Limited.

The Australian company has five years to mine lithium under the terms of the mining lease.

“Gold, diamond, oil, bauxite, those are what we call traditional minerals; all these have been there. Since we became independent, we have been going to the IMF, borrowing, with all kinds of terms, and we ask ourselves why. There’s this adage that if you are doing the same thing, don’t expect different results. If this is how you are going to continue to exploit and extract your natural resources, don’t expect ever to be free of the IMF. It becomes like cyclical malaria,” she was quoted by citinewsroom.com.

Sophia Akuffo insisted that Ghana must make the decision to move away from royalties to exploring its own resources.

“We should be exploring; each year we should be looking at similar situations in terms of resource availability, resource finding, and what they are doing. That is what we are saying. We don’t have to go back into the royalties,” she opined.

She emphasized that there could be a better deal than what is already being negotiated and urged the government to ensure that the country is not ripped off.

“There are so many variations, modules, which somebody should do their homework to be able to be in a position to recommend a number that will suit Ghana. With all the figures and all that. Simply ask yourself the question, is this formulation of an agreement for the exploitation of our national worth, as good as it could ever possibly be?” she questioned.

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