The so-called professor needs to go back to school again. These types of socialists' arguments could deceive Ghanaians in the 50s and 60s but they cannot do so now. Nkrumah was the first leader to introduced debt into this na ... read full comment
The so-called professor needs to go back to school again. These types of socialists' arguments could deceive Ghanaians in the 50s and 60s but they cannot do so now. Nkrumah was the first leader to introduced debt into this nation by borrowing massively and unnecessary to finance his whims and caprices. It was a misfortune that we had such a person as president immediately after the independence. He didn't lay a good sustainable economic foundation for this country at all considering the amount of money that was at his disposal.
Ghana had about 1bln dollars in its reserve when Nkrumah took over the reins of government in this country. Can you imagine the value of one billion dollars in the early fifties? Again, after 2years of Nkrumah's rule, cocoa prices at the world market rocketed and increased fourfold. But contrary to any sound economic planning, he did not reserve even a fraction of the windfall for a rainy day, as the Whitman had done when they had only one fourth of what Nkrumah got from cocoa every year. So, what did he do with all that money from the high cocoa prices and the reserve he inherited that took years to build for our future economic stability?
He went on a spending spree both in Ghana and abroad, throwing his weight about and talking big. So when the cocoa prices fell close to the end of his rule, he was quick to point accusing fingers at the West, blaming them for manipulating cocoa prices to sabotage the economy of Ghana and overthrow his government. Finally, after squandering all the money mainly on useless prestigious projects, his mad rush for industrialization projects, which did not have firm foundation in the country to sustain them, he also burdened the young nation with another billion dollars debt before he was forced out of the country.
The truth is that, Kwame Nkrumah met a rich country with stable economy, and left it nearly bankrupt as a result of gross mismanagement and NDC is following Suit.
The so-called professor needs to go back to school again. These types of socialists' arguments could deceive Ghanaians in the 50s and 60s but they cannot do so now. Nkrumah was the first leader to introduced debt into this na ...
read full comment