{"id":60684,"date":"2023-04-24T12:21:59","date_gmt":"2023-04-24T12:21:59","guid":{"rendered":"https:\/\/www.ghanamma.com\/2023\/04\/24\/ghana-is-sitting-on-trillions-of-dollars-of-natural-resource-wealth-we-only-need-leaders-to-exploit-it-ieas-kwakye\/"},"modified":"2023-04-24T12:21:59","modified_gmt":"2023-04-24T12:21:59","slug":"ghana-is-sitting-on-trillions-of-dollars-of-natural-resource-wealth-we-only-need-leaders-to-exploit-it-ieas-kwakye","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2023\/04\/24\/ghana-is-sitting-on-trillions-of-dollars-of-natural-resource-wealth-we-only-need-leaders-to-exploit-it-ieas-kwakye\/","title":{"rendered":"Ghana is sitting on trillions of dollars of natural resource wealth; we only need leaders to exploit it &#8211; IEA&#8217;s Kwakye"},"content":{"rendered":"<p><\/p>\n<div>\n<div class=\"td-post-featured-image\">\n<figure><img loading=\"lazy\" decoding=\"async\" width=\"696\" height=\"488\"  alt=\"\" title=\"JOHN-Kwakye-1\" src=\"https:\/\/www.ghanamma.com\/wp-content\/uploads\/2023\/04\/JOHN-Kwakye-1-696x488.jpg\" data- class=\"entry-thumb lazyload\"\/><noscript><img loading=\"lazy\" decoding=\"async\" width=\"696\" height=\"488\" class=\"entry-thumb\" src=\"https:\/\/www.ghanamma.com\/wp-content\/uploads\/2023\/04\/JOHN-Kwakye-1-696x488.jpg\"   alt=\"\" title=\"JOHN-Kwakye-1\"\/><\/noscript><figcaption class=\"wp-caption-text\">Dr John Kwakye<\/figcaption><\/figure>\n<\/div>\n<p><strong>The Director of Research at the Institute of Economic Affairs (IEA) Dr John Kwakye has wondered whether Ghana needs the capital markets to deal with its financial issues.<\/strong><\/p>\n<p>In his view, the country does not need the capital market because with the right leaders in place, the country can generate enough from its natural resources.<\/p>\n<p>Dr Kwakye tweeted \u201cWe have more than enough natural resource wealth. We only need leaders who will exploit it for our benefit and not give it away to so-called foreign investors.<\/p>\n<p>\u201cWe are sitting on trillions of dollars of natural resource wealth, but we are in Washington begging for $3bn over 3 years. Paul Kagame is right in saying that \u2018there must be something wrong with our minds,\u2019.\u201d<\/p>\n<blockquote data-service=\"twitter\" data-category=\"marketing\" data-placeholder-image=\"https:\/\/3news.com\/wp-content\/plugins\/complianz-gdpr\/assets\/images\/placeholders\/twitter-minimal.jpg\" class=\"cmplz-placeholder-element twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">We are sitting on trillions of dollars of natural resource wealth, but we are in Washington begging for $3bn over 3 years. Paul Kagame is right in saying that &#8220;there must be something wrong with our minds.&#8221;<\/p>\n<p>\u2014 J. K. Kwakye (@JohnKwabenaKwa1) <a href=\"https:\/\/twitter.com\/JohnKwabenaKwa1\/status\/1649465914574643207?ref_src=twsrc%5Etfw\">April 21, 2023<\/a><\/p>\n<\/blockquote>\n<p>He was commenting on a statement by the Finance Minister Ken Ofori-Atta that it may take at least three or more years for Ghana to access the international capital market.<\/p>\n<p>Mr Ofori-Atta\u00a0explained that, although this new development may look like a challenge, it presents the country with a viable opportunity to attain its self-sufficiency agenda.<\/p>\n<p>\u201cIn terms of returning to the international capital market, I suspect it will take some two-three years or so if not more for us to get back to it. I think in the interim we should be able to generate local resources to do that. But I think what is also significant about the programme if you look at the Ghana Cares programme it is our policy to be self-sufficient in poultry, rice, tomatoes etc. which we\u2019ve begun to do so that will reduce your foreign exchange demands and actually hopefully begin to export those products,\u201d\u00a0Ken Ofori-Atta\u00a0made this known in an engagement with the media on the sideline of the\u00a0International Monetary Fund\u00a0(IMF) Spring meeting in Washington DC.<\/p>\n<p>It is recalled that during the COVID-19 pandemic, Ghana\u2019s public debt increased significantly.<\/p>\n<p>This resulted in credit rating downgrades, the exit of non-resident investors from the domestic bond market, and ultimately Ghana\u2019s loss of access to international capital markets.<\/p>\n<p>The impacts were further escalated by price and supply-chain shocks from Russia\u2019s invasion of Ukraine, have led to a large exchange rate depreciation, a surge in inflation, and pressure on foreign exchange reserves.<\/p>\n<p>On December 19, 2022, faced with major economic, financial, and social pressures\u00a0Ghana\u2019s Ministry of Finance declared\u00a0a moratorium on debt service payments under certain categories of its external debt, such as Eurobonds.<\/p>\n<p>Soon after, it restructured the bulk of its domestic debt and requested debt treatment under the G20 Common Framework.<\/p>\n<p>\u00a0<\/p>\n<\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dr John Kwakye The Director of Research at the Institute of Economic Affairs (IEA) Dr John Kwakye has wondered whether Ghana needs the capital markets to deal with its financial issues. In his view, the country does not need the capital market because with the right leaders in place, the country can generate enough from [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":6879,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[],"class_list":["post-60684","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Ghana is sitting on trillions of dollars of natural resource wealth; we only need leaders to exploit it - IEA&#039;s Kwakye - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2023\/04\/24\/ghana-is-sitting-on-trillions-of-dollars-of-natural-resource-wealth-we-only-need-leaders-to-exploit-it-ieas-kwakye\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ghana is sitting on trillions of dollars of natural resource wealth; we only need leaders to exploit it - IEA&#039;s Kwakye - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"Dr John Kwakye The Director of Research at the Institute of Economic Affairs (IEA) Dr John Kwakye has wondered whether Ghana needs the capital markets to deal with its financial issues. 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