Dr. Kofi Abrefa Busia detailed Ghana’s economic crisis during a 1970 interview, attributing the issues to Kwame Nkrumah’s mismanagement. He reported a decline from over £200 million in reserves at independence to over £250 million in debt by 1966, alongside high inflation and food shortages. He also mentioned the shattering of democratic governance under Nkrumah. Busia was later overthrown in a military coup in 1972.
In a 1970 interview with the British media at the Ghana High Commission in London, Dr. Kofi Abrefa Busia, former Prime Minister of Ghana, detailed the severe economic crisis facing the nation. He held Kwame Nkrumah’s government accountable for rampant inflation which peaked around 117%, soaring unemployment rates, food crises, and other economic hardships that plagued the country.
Dr. Busia emphasized that Ghana had a robust financial standing at independence, with reserves exceeding £200 million. Conversely, under Nkrumah’s leadership, ending in 1966, Ghana accumulated a staggering debt exceeding £250 million, a drastic economic downturn.
He articulated the impact of this economic decline, stating, “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.” He noted the difficulty in fully assessing the nation’s debt load due to poorly documented financial agreements.
Additionally, Dr. Busia pointed out the challenges of food shortages and the scarcity of essential goods. He lamented the political turmoil, remarking on the dismantling of democratic governance during Nkrumah’s tenure. Tragically, Dr. Busia himself was later ousted from power in a military coup led by Colonel Ignatius Kutu Acheampong on January 13, 1972.
Dr. Kofi Abrefa Busia’s reflections shed light on Ghana’s economic turmoil during and post-Nkrumah’s regime, emphasizing the shift from financial stability to significant debt and shortages. His insights also highlight the political upheaval that contributed to this crisis. Recognizing the historical context is crucial for understanding Ghana’s current economic landscape.
Original Source: www.ghanaweb.com
