The North Tongu MP, Samuel Okudzeto Ablakwa, has called for the formulation of a new approach that will help stabilise the economy.

According to him, one of such measures should be an overhaul of the structure of the current economy, which he says is largely driven by the importation of food items and other commodities that can be locally produced.

“We are virtually importing everything. We’ve become like spoilt children where after Nkrumah we haven’t really done much to attain the commanding height of our economy,” he argued.

Speaking in an interview on Prime Morning, Wednesday, Mr Ablakwa observed that “the economic challenges we are going through now are structural. It reveals a certain structural misalignment with the economy and that is why you only see short-term reliefs but it always comes back.”

“We have not been able to put together a strategic vision to transform our country because we are not adding value, we are not changing the structure of this economy, we are not empowering locals so that we can produce what we eat, eat what we produce and have that muscle to be a giant in the sub-Region,” he told Prime Morning Host Emefa Adeti on Wednesday.

The advent of the Covid-19 pandemic and the recent Russia-Ukraine crisis have induced hardships on many economies, including Ghana’s.

Many Ghanaians have lamented how the rising fuel prices, hikes in transport and food prices, and the depreciating cedi have compounded their cost of living.

Following these, the government has said it will soon announce new measures aimed at reviving the economy.

But Mr Okudzeto Ablakwa wants more attention to be given to agribusiness in order to make the country self-reliant.

“If you look at our country, we’ve spent over $500 million importing rice annually. We can cut this down, we can be self-sufficient in rice production…we have the capacity to produce rice and even export the leftovers.

“We do not have to put the pressure that we put on the currency,” he added.

Meanwhile, President Akufo-Addo urged members of the public to await the decisions that would be announced by the Finance Minister.

Addressing members of the Council of State at the Jubilee House, Tuesday, he was confident the new decisions to be implemented lessen the plights of Ghanaians.

“Fortunately for us, our retreat coincided with these difficulties and with the public anxiety about the way that the economy was going. Therefore, it gave us the opportunity of the three days to look in-depth about where the economy was headed and what measures were necessary to be taken.

“The decision was that the Minister for Finance is going to have a major engagement with the nation on Thursday where he is going to be in the position layout specifically the measures that we have taken that we intend to take,” he said.