Former Prime Minister Dr. Kofi Abrefa Busia discussed Ghana’s economic crisis during an interview in London, attributing the turmoil to mismanagement under Kwame Nkrumah’s administration. Reserves diminished from £200 million at independence to over £250 million in debt by 1966. Dr. Busia highlighted rising inflation, unemployment, food shortages, and the loss of democratic governance as significant challenges faced by the nation.
In a retrospective interview with the British press, former Prime Minister Dr. Kofi Abrefa Busia elaborated on the severe economic crisis faced by Ghana in the late 1960s. Dr. Busia, who took office in 1969, attributed the economic turmoil to the mismanagement of Kwame Nkrumah’s administration. He cited the significant rise in inflation, which reached around 117 percent, coupled with high unemployment rates and widespread food shortages.
At the time of Ghana’s independence, the nation held a robust financial position with reserves exceeding £200 million. However, by the conclusion of Nkrumah’s regime in 1966, the country’s financial landscape drastically changed, incurring debts surpassing £250 million. Dr. Busia shared these insights with the press, highlighting the extent of the economic difficulties confronting his government.
Dr. Busia emphasized the gravity of the situation: “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.”
Furthermore, he noted additional challenges including shortages of food and essential goods, stating, “We also face shortages of food, essential goods, and other items.” He also lamented the political ramifications, indicating that “democratic rule was completely shattered.” Unfortunately, Dr. Busia’s tenure was cut short when he was deposed in a military coup by Colonel Ignatius Kutu Acheampong on January 13, 1972.
In summary, Dr. Kofi Abrefa Busia’s reflections reveal the serious economic crisis that engulfed Ghana following Kwame Nkrumah’s governance. The transition from bolstered reserves to crippling debt demonstrates the significant consequences of economic mismanagement. Additionally, Dr. Busia identified the ongoing crises of food shortages and the dismantling of democratic governance as critical issues needing urgent attention. His account serves as a historical testament to the financial struggles that shaped Ghana’s subsequent development.
Original Source: www.ghanaweb.com
