{"id":18184,"date":"2024-10-29T18:45:49","date_gmt":"2024-10-29T18:45:49","guid":{"rendered":"https:\/\/expressnewsghana.com\/?p=18184"},"modified":"2024-10-29T18:45:49","modified_gmt":"2024-10-29T18:45:49","slug":"prof-mike-oquaye-urges-african-parliaments-to-lead-in-addressing-continents-debt-crisis","status":"publish","type":"post","link":"https:\/\/expressnewsghana.com\/?p=18184","title":{"rendered":"Prof Mike Oquaye Urges African Parliaments to Lead in Addressing Continent\u2019s Debt Crisis"},"content":{"rendered":"

Former Speaker of Ghana\u2019s Parliament, Professor Aaron Michael Oquaye, has raised alarms about Africa’s escalating debt dependency, emphasizing that this critical issue cannot be solely managed by executive authorities. <\/strong><\/p>\n

He asserted that development challenges facing Africa should actively involve parliamentarians, who play a vital role in shaping the continent\u2019s prosperity and future.<\/p>\n

Prof. Oquaye highlighted the worsening debt situation, exacerbated by the COVID-19 pandemic, which has placed immense pressure on economies globally.<\/p>\n

While immediate debt cancellation may be unrealistic, he argued that a postponement or some form of relief is essential to prevent the debt crisis from spiraling out of control.<\/p>\n

Speaking on behalf of the founding members of the Conference of Speakers and Heads of African Parliaments (CoSPAL) during a recent gathering in Accra, Prof. Oquaye stressed the importance of African nations pursuing economic self-sufficiency by harnessing their rich natural resources.<\/p>\n

\"\"<\/p>\n

He pointed out that Africa holds over half of the world\u2019s natural resources\u2014including bauxite, manganese, timber, cocoa, oil, and lithium\u2014and urged parliaments to explore ways to maximize the benefits of these assets rather than leaving it solely to foreign investors.<\/p>\n

Recognizing the critical role of financial institutions, he proposed that African countries collaborate with organizations like the African Development Bank to pool resources and expertise.<\/p>\n

\u201cBy working together, Africa can effectively tackle its pressing economic challenges,\u201d he stated, adding, \u201cThe knowledge devolution is ongoing, and Africa must actively shape its own destiny.\u201d<\/p>\n

Prof. Oquaye called on the next generation of African parliamentary leaders to prioritize development-driven initiatives. He noted that while previous focuses included decolonization and democratization, the current emphasis must be on development\u2014\u201cdevelopment, development, and development again.\u201d<\/p>\n

This emphasis on growth is central to the mission of CoSPAL, he affirmed, expressing confidence that its current members will advance these goals for the collective benefit of Africa. He congratulated conference attendees for their commitment and progress, expressing optimism for a fruitful meeting ahead.<\/p>\n

\"\"<\/strong><\/p>\n

Source: Felix Nyaaba\/\/expressnewsghana.com<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Former Speaker of Ghana\u2019s Parliament, Professor Aaron Michael Oquaye, has raised alarms about Africa’s escalating debt dependency, emphasizing that this critical issue cannot be solely […]<\/p>\n","protected":false},"author":1,"featured_media":18185,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[4116],"class_list":["post-18184","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-africa-news","tag-speaker-oquaye-tasks-africa-parliaments"],"yoast_head":"\nProf Mike Oquaye Urges African Parliaments to Lead in Addressing Continent\u2019s Debt Crisis - Express News Ghana<\/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:\/\/expressnewsghana.com\/?p=18184\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" 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