He said the dependence on importation was a “major cause of the depreciation of the cedi.”

In an interview with the Daily Graphic, Dr Lartey explained that under the current circumstances, the only thing that could salvage the economy was for the government to seek support from the International Monetary Fund (IMF).

Failure

He said seeking the support of the IMF for economic bailout would not have been an option if successive governments had built Ghana’s economy on the production and exports of the country’s natural resources.

“Currently, our country is not in a deplorable state but we still need support, just as we gained in previous years to help salvage the current economic situation,” he stated.

Describing the move to the IMF as a necessary evil, Dr Lartey said the time had come for the country to invest in the economy with people of the requisite competence.

“It is long overdue that we invested in the Ghanaian economy, the competence of its people and in the expansion of its products and services overseas to boost our foreign reserves,” he stated.

Domestication

According to Dr Lartey, domestication of the natural resources of a state had always been the foundation on which many developing countries including China, had grown their economies.

He, therefore, stressed the need for the government to follow such footsteps.

“Should we fail to consciously build our economy on domestic production and exportation of our natural resources, engaging the IMF again as a resolution to the sustainability of the economy would not be our last,’’ he said.

“It is important to create an enabling environment to encourage our businesses to export more to grow the economy. This will create revenue to sustain government policies as an alternative to excess borrowing,”he advised.

Dr Lartey implored the citizenry to stop the media hecklings on the IMF and rather devise means of joining hands to build a sustainable economy.