Dr. Kofi Abrefa Busia and Dr. Kwame Nkrumah in a conversation
During an interview with the British press at the offices of the Ghana High Commission in London, former Prime Minister Dr. Kofi Abrefa Busia recounted the magnitude of the economic crisis Ghana faced.
Dr. Busia, who assumed office in 1969, accused Kwame Nkrumah’s regime of economic mismanagement, which resulted in inflation reaching approximately 117 percent, record-high unemployment, food shortages, and other economic difficulties.
According to Dr. Busia, Ghana was in a strong financial position at independence, with more than £200 million in reserves. However, by the end of Nkrumah’s regime in 1966, the country was burdened with debt totaling over £250 million.
He revealed this information when asked about the economic challenges his government faced while speaking with the British press in London in the 1970s.
“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.”
Discussing other economic challenges, Dr. Busia added, “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.”
Meanwhile, Dr. Busia was overthrown in a ‘bloodless’ military coup led by Colonel Ignatius Kutu Acheampong on January 13, 1972.
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