Former Prime Minister Dr. Kofi Abrefa Busia has recounted Ghana’s economic decline during Kwame Nkrumah’s regime, citing mismanagement that led to high inflation, unemployment, and food shortages. At independence, Ghana had reserves over £200 million, which plummeted into substantial debt mirroring current economic challenges under his administration.
In a recent interview, former Prime Minister Dr. Kofi Abrefa Busia highlighted the severe economic crisis Ghana encountered during the late Kwame Nkrumah era. Dr. Busia, who took office in 1969, attributed the economic downturn to Nkrumah’s mismanagement, resulting in record inflation rates of approximately 117 percent, significant unemployment, and widespread food shortages.
At the time of independence, Dr. Busia noted that Ghana possessed over £200 million in reserves. However, by the conclusion of Nkrumah’s tenure in 1966, the nation faced debts exceeding £250 million. This situation was elaborated upon during his discussions with the British press, where he expressed concerns over the accurate accounting of the country’s debt burden due to undisclosed agreements.
Dr. Busia emphasized the pressing issues that his administration encountered, including shortages in essential goods and the broader political implications of the collapse of democratic governance. He remarked, “We also face shortages of food, essential goods, and other items. Additionally, on a political level, we must address the fact that democratic rule was completely shattered.”
Sadly, Dr. Busia’s government faced its own downfall when he was overthrown in a military coup executed by Colonel Ignatius Kutu Acheampong on January 13, 1972. The interview reflects a critical period in Ghana’s history, emphasizing the challenges that the nation faced from mismanagement and political upheaval.
Dr. Kofi Abrefa Busia’s reflections on Ghana’s economic crisis under Kwame Nkrumah showcase the severe impact of mismanagement on the nation’s financial stability. With debts elevated to over £250 million from a substantial reserve, the challenges of inflation, unemployment, and food shortages were significant. Furthermore, the affront to democratic governance marked a pivotal turning point in Ghana’s political landscape.
Original Source: www.ghanaweb.com
