Former Speaker of Parliament, Professor Aaron Mike Oquaye, has called for a new model that prioritises the national ownership of natural resources for sustainable development.

Speaking at the Institute of Economic Affairs (IEA)’s latest seminar series on the review of Ghana’s natural resources management regime in Accra last Tuesday, Prof. Oquaye said the current system of royalty payments, linked to colonial-era practices, only disadvantaged Ghanaians.

As a result, he said, the nation needed to adopt a new approach that would allow it to capitalise on its natural wealth effectively rather than relying on support from the International Monetary Fund (IMF), a move he said had not been beneficial to the country.

He said adopting a service contract model would allow the state to retain ownership of its natural resources while hiring private contractors to perform essential services.

"The ongoing reliance on the IMF has proven to be a precarious path.

We must seek sustainable solutions that prioritise our national interests rather than depending on external entities that may not have our best interests at heart.

"The service contract model empowers the state to retain ownership of its natural resources while leveraging the expertise of contractors, ensuring that the benefits of our wealth are maximised for the Ghanaian people,” Prof. Oquaye said. 

Series

The IEA seminar on the Review of Ghana's Natural Resources Management Regime is a series of discussions launched this year to analyse and improve the management of Ghana's natural resources for sustainable development.

Prof. Oquaye was one of three speakers on the topic "The Dilemma of the 17th IMF Programme and Our Natural Resources—A Pathway to National Development."

It was chaired by Former Chief Justice Sophia Akuffo.

Elaborating on the service contract model, the former Speaker cited countries such as Botswana, which has successfully leveraged its mineral wealth to achieve significant economic progress. 

He said with sound governance and transparency, Botswana had transformed itself from one of the poorest countries into an upper-middle-income nation since its independence in 1966.

Model

He also mentioned Norway, which has profited significantly more from its oil resources than Britain due to its public ownership model.

As a key feature, Prof. Oquaye said the model allowed state-owned companies to maintain ownership of resources, ensuring that strategic decisions regarding their development remained in national hands.

Also, he said contractors could be engaged to provide specific services such as exploration, extraction, and production, based on clearly defined contractual agreements.

As a benefit, he said the nation could better manage its resources and make informed decisions in the interests of the citizens.

The model, he added, could ensure the transfer of knowledge through the engagement of experienced contractors to facilitate the transfer of technology and expertise, building local capacity in the resource sector.

Clarion call

The immediate past Presiding Bishop of the Methodist Church, Most Rev. Dr. Paul Kwabena Boafo, said that the country’s repeated return to the IMF should not become a norm but rather a wake-up call for transformative change.

He urged the government to use this opportunity to build a more resilient, self-sustaining economy grounded in long-term planning and the effective use of national resources.

"The IMF must be a turning point, and the bailout must become a thing of the past.

By stewarding our natural resources with integrity and innovation, Ghana can chart a new path toward economic sovereignty and sustainable development.

The IMF bailout should be a relic of the past," he said.

Bipartisan

Sheikh Aremeyaw Shaibu, the Spokesperson for the National Chief Imam, Sheikh Osman Nuhu Sharubutu, urged stakeholders to avoid politicising mining issues.

He advocated a bipartisan approach to ensure that policies were crafted in the broader interest of the nation rather than serving political agendas.­