Professor Wisdom Akpalu, Dean of the School of Research and Graduate Studies at the Ghana Institute of Management and Public Administration (GIMPA) has emphasized the need for the government to prioritize the sustainable use of natural resources.
During an Inaugural Lecture organized by GIMPA in Accra, Prof. Akpalu highlighted the importance of investing natural resource revenues in areas such as education, infrastructure, and healthcare, which can contribute to increased production of goods and services.
Speaking on the topic “The Complexities of Managing Natural Resources in Developing Countries,” Prof. Akpalu noted that although Africa is blessed with valuable natural resources, it continues to face poverty and destitution.
He attributed this problem to a lack of scientific knowledge and information regarding resource management, as well as corruption, political expediency, and weak bargaining positions with foreign investors.
To achieve sustainability, Prof. Akpalu emphasized the need to ensure that the extraction rate of renewable resources does not surpass their capacity for replenishment.
He highlighted factors such as understanding resource stocks and bioregions, the interaction between resources and the environment, species diversity, reproductive capacity, and the relationship between effort and harvest.
The professor revealed that 60% of wild fish stocks in Africa are fully exploited, while 30% are over-exploited. Over the period from 2003 to 2008, Africa lost over US$38 billion in fishery capital due to overfishing and the excessive presence of fishing vessels.
Additionally, Ghana loses over US$200 million annually due to irresponsible fishing practices.
Prof. Akpalu urged the government and stakeholders to demonstrate a strong commitment to enforcing regulations for the extraction and management of natural resources.
He also emphasized the importance of promoting domestic investment in resource extraction to ensure that profits remain within the country instead of going to foreign investors.
