Former Prime Minister Dr. Kofi Abrefa Busia highlighted Ghana’s economic crisis during an interview, attributing it to Kwame Nkrumah’s regime. He noted that reserves decreased from over £200 million at independence to debts exceeding £250 million by 1966, amidst high inflation and shortages. Additionally, Dr. Busia addressed the deterioration of democratic governance, culminating in his own overthrow in a military coup in 1972.

In a notable interview with the British press at the Ghana High Commission in London, former Prime Minister Dr. Kofi Abrefa Busia elucidated the profound economic challenges Ghana encountered during his tenure. Assuming office in 1969, Dr. Busia attributed the crisis to the economic mismanagement under former President Kwame Nkrumah, leading to staggering inflation rates of approximately 117 percent, soaring unemployment figures, and significant shortages of essential goods.

Dr. Busia emphasized that upon Ghana’s independence, the nation held over £200 million in reserves. However, he lamented that by the conclusion of Nkrumah’s administration in 1966, Ghana was encumbered with debts exceeding £250 million. He expressed concern over the inability to accurately assess the total debt due to undisclosed agreements.

In discussing additional economic hurdles, Dr. Busia remarked on the shortages of food and other vital commodities, while also noting the dire state of political democracy at the time. He stated that democratic governance had been thoroughly undermined during Nkrumah’s era.

Furthermore, Dr. Busia’s governance was abruptly ended when he was overthrown in a military coup, executed by Colonel Ignatius Kutu Acheampong on January 13, 1972. This historical account underscores the significant socio-economic shifts experienced in Ghana during these pivotal years.

The interview with Dr. Kofi Abrefa Busia sheds light on the economic tribulations faced by Ghana due to the previous administration’s mismanagement. The transition from a position of financial strength to severe debt illustrates the profound consequences of policy errors. Moreover, the political ramifications during this period were significant, resulting in a decline of democratic governance and altering the trajectory of Ghana’s political landscape.

Original Source: www.ghanaweb.com