Former Prime Minister Dr. Kofi Abrefa Busia detailed Ghana’s economic decline following Kwame Nkrumah’s rule, revealing a drop in reserves from over £200 million to debts exceeding £250 million by 1966. He discussed significant inflation, unemployment, food shortages, and the political ramifications of Nkrumah’s governance during an interview in London.
In a revealing interview with British media at the Ghana High Commission in London, former Prime Minister Dr. Kofi Abrefa Busia reflected on the economic turmoil that beset Ghana during and after Kwame Nkrumah’s administration. Dr. Busia, who took office in 1969, criticized Nkrumah’s government for severe economic mismanagement, which precipitated rampant inflation, skyrocketing unemployment, and shortages of essential goods.
Dr. Busia emphasized that upon gaining independence, Ghana was financially robust, possessing reserves exceeding £200 million. However, by the conclusion of Nkrumah’s tenure in 1966, the nation’s debts had escalated to over £250 million. This information was articulated during a discussion of the economic adversities his government encountered, highlighting the significant decline in Ghana’s financial health.
“First, take the economic problem. At independence, we had more than £200 million in reserves, but by the time of the coup and the end of Nkrumah’s regime, we had accumulated a debt of over £250 million. In fact, we do not yet know exactly how much Ghana owes because certain agreements were signed, and we have not been able to gather all the facts and figures concerning them,” Dr. Busia remarked.
Furthermore, he noted that Ghana was also coping with critical shortages of food and necessary goods. On the political front, Dr. Busia lamented the destruction of democratic governance due to the circumstances surrounding Nkrumah’s rule. Tragically, Dr. Busia’s own tenure was abruptly terminated on January 13, 1972, when he was ousted in a ‘bloodless’ coup led by Colonel Ignatius Kutu Acheampong.
In summary, Dr. Kofi Abrefa Busia’s interview sheds light on the significant economic challenges that emerged in Ghana as a consequence of Kwame Nkrumah’s mismanagement. From a situation of financial strength at independence, Ghana experienced a drastic rise in debt and rampant inflation. Dr. Busia’s reflections not only highlight the economic woes but also the political disruptions that ensued, marking a troubling chapter in Ghana’s history.
Original Source: www.ghanaweb.com
