Former President of the Association of Ghana Industries (AGI), Dr Prince Kofi Kludjeson has blamed Parliament for the prevailing economic downturn.

Dr. Kludjeson says he does not blame the President.

"To me, I don't blame the President, I blame Parliament. Our Parliament, 275 young brilliant people in Parliament are supposed to ensure or pass laws that will benefit Ghana, not politics or election," he said.

Speaking on JoyNews' AM Show on Tuesday, Dr. Kludjeson lamented that the country does not have viable equity laws.

He said passing an equity law that gives a higher percentage of shares in key establishments to the state could have generated more than the $3 billion bailout the country is seeking from the International Monetary Fund (IMF).

"Ghana, you don't have equity laws which say that you know, GNPC 7 or 9 per cent of our gold, our oil. Even the state does not have it. We need to have an equity law that says that to be able to do business in this country, the owner is entitled to 30 per cent. All these IMF issues we're talking about are only 3 billion dollars. But then you see publications that gold has brought in 6.6 billion dollars and Ghana has 5 or 6 per cent equity in it. You're not going to go anywhere," he explained.

Touching on government's One District, One Factory (1D1F) policy, Dr. Kludjeson posited that many of the factories do not manufacture their own products. He alleged that they have contracted other industries to produce them.

According to him, in order to benefit hugely from the policy, universities within the communities where the factories are located should be sensitised to deploy students to work in those factories.

Dr. Kludjeson has also recommended that the factories although may not be yielding the desired profits currently, should not be "cancelled" and "we should not run them down," saying that it does not require huge sums of money to manage those factories.

According to him, investing in "technology and knowledge" in managing the said factories would be a commendable starting point.