Dr. Kofi Abrefa Busia, during a press interview, highlighted Ghana’s economic decline from £200 million in reserves to over £250 million in debt under Kwame Nkrumah’s leadership. He noted severe inflation, unemployment, and food shortages as critical issues. Dr. Busia’s government faced a shattered democracy before his overthrow in a military coup in 1972.
In a retrospective interview with the British press, former Prime Minister Dr. Kofi Abrefa Busia highlighted Ghana’s severe economic crisis during and after Kwame Nkrumah’s regime. Dr. Busia, who began his tenure in 1969, attributed the nation’s economic downfall to mismanagement, which led to soaring inflation rates of approximately 117 percent and staggering levels of unemployment along with widespread food shortages.
At the time of Ghana’s independence, the country boasted financial reserves exceeding £200 million. However, by the conclusion of Nkrumah’s leadership in 1966, the economic situation had deteriorated significantly, resulting in a national debt exceeding £250 million. Dr. Busia provided this assessment in response to inquiries regarding the economic hurdles faced by his administration.
He stated, “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, Dr. Busia addressed issues beyond economy, indicating shortages in vital categories such as food and essential goods. He expressed concerns over the political landscape, asserting, “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.”
Regrettably, less than three years after ascending to power, Dr. Busia was ousted during a ‘bloodless’ coup orchestrated by Colonel Ignatius Kutu Acheampong on January 13, 1972.
The interview with Dr. Kofi Abrefa Busia reveals the considerable economic challenges Ghana faced due to mismanagement under Kwame Nkrumah’s administration, which resulted in the country’s transition from significant reserves to an alarming debt. The impact of this economic crisis was compounded by food shortages and the degradation of democratic governance. Dr. Busia’s insights underscore the tumultuous economic and political landscape of Ghana during this critical period in its history.
Original Source: www.ghanaweb.com
