You damned traitor, Kwame Nkrumah wasn't "escorted off the scene", but, was violently overthrown by traitors like you working with a foreign power(USA) - idiot, get back into your mental hospital bed.
You damned traitor, Kwame Nkrumah wasn't "escorted off the scene", but, was violently overthrown by traitors like you working with a foreign power(USA) - idiot, get back into your mental hospital bed.
kweku trouble 8 years ago
"Ghana, Aha a y? din papa. Alius atrox week advenio. Another terrible week to come!". That's all wish for Ghana. Terrible weeks unless your paymasters assume power. Go back to the mental hospital. Mad man.
"Ghana, Aha a y? din papa. Alius atrox week advenio. Another terrible week to come!". That's all wish for Ghana. Terrible weeks unless your paymasters assume power. Go back to the mental hospital. Mad man.
Bright K. 8 years ago
Repent from your sins and take the free gift of salvation by believing on Jesus Christ as your Lord and personal saviour and you shall be saved. Heaven and Hell are real. Where will spend eternity? Please choose heaven.
Repent from your sins and take the free gift of salvation by believing on Jesus Christ as your Lord and personal saviour and you shall be saved. Heaven and Hell are real. Where will spend eternity? Please choose heaven.
Dread Lion 8 years ago
Is this Casely-Hayford guy that stuuupiiiid?Thought he had some brains to be able to think through events and circumstances critically but seems he is just an arm-chair analyst without critical thinking pedigree.
Is this Casely-Hayford guy that stuuupiiiid?Thought he had some brains to be able to think through events and circumstances critically but seems he is just an arm-chair analyst without critical thinking pedigree.
Kwame 8 years ago
Expect government to do everything, and yet complain about government central controlling the economy during Nkruma's time. You can have your cake and eat it too.
Expect government to do everything, and yet complain about government central controlling the economy during Nkruma's time. You can have your cake and eat it too.
Dave 8 years ago
Hopeless and useless armpit smelling son of a whore
Hopeless and useless armpit smelling son of a whore
Kwabena Yeboah 8 years ago
Any idiot can pick up a pen and spit out buffoonery - people who lack intelligence and are perfidious in their self inflated image.
This bozo has the temerity to cast absurdity at Dr. Nkrumah with a fit of acknowledgement ... read full comment
Any idiot can pick up a pen and spit out buffoonery - people who lack intelligence and are perfidious in their self inflated image.
This bozo has the temerity to cast absurdity at Dr. Nkrumah with a fit of acknowledgement of the foundation Dr. Nkrumah laid for modern Ghana. Freedom of speech is like a priceless pearl to swine. Because they do not understand its value, they trample over and destroy it.
Ghana, my country would be heaven by now if one-half of our leaders post-Nkrumah were able to replicate half of Nkrumah's achievement. How come some Ghanaians are so stupid and mindless? With Ghana's life expectancy pegged at 61 years, I hoping mother nature do us a favour and rid my country of such idiots and buffoons sooner than later.
Francis kwarteng 8 years ago
Dear Brother Yeboah,
I couldn't agree with you more.
Thanks
Dear Brother Yeboah,
I couldn't agree with you more.
Thanks
Prof Lungu 8 years ago
Yes, it is a mighty sad day from where we also sit!
How Sidney Casely-Hayford of OccupyGhana could drag Kwame Nkrumah into his essay is beyond us.
In the end, Sydney of OccupyGhana only regurgitated a version of history ... read full comment
Yes, it is a mighty sad day from where we also sit!
How Sidney Casely-Hayford of OccupyGhana could drag Kwame Nkrumah into his essay is beyond us.
In the end, Sydney of OccupyGhana only regurgitated a version of history the Nonentities, Liar, and Crooks (the NLC coup plotters), and their handlers (from the US and the UK), wanted Ghanaians and the world to know.
This is disappointing, to say the least!
Francis kwarteng 8 years ago
Dear Prof. Lungu,
Excellent observation.
People like Sydney cannot live without Nkrumah. I wonder how they manage to even sleep without the great Nkrumah.
Thanks.
Dear Prof. Lungu,
Excellent observation.
People like Sydney cannot live without Nkrumah. I wonder how they manage to even sleep without the great Nkrumah.
Thanks.
Prof Lungu 8 years ago
Yeah!
Ghana today, is hard!
But, that is no reason to bash Nkrumah!
Maybe, instead of regurgitating what coup plotters and their handlers told Ghana and the world, Sydney Casely-Hayford will pen another paper with ac ... read full comment
Yeah!
Ghana today, is hard!
But, that is no reason to bash Nkrumah!
Maybe, instead of regurgitating what coup plotters and their handlers told Ghana and the world, Sydney Casely-Hayford will pen another paper with actual data to prove his point.
Then, the rest of us can respond with actual data!
You know, the type of data accountants like Sydney know as fact - not propaganda, not conjectures!
ITEM: In the main, if a foreign country actively, proactively, directly, destabilizes your country through economic warfare and other aggressive acts, how do you, more than 50 years later, blame the government of that era because there were no sardines, bread, and cornflakes for the Africans, those bygone days.
That, we submit, herewith, will most likely be the Sydney Casely-Hayford conundrum, from where we sit. (Several items we were wrestling with, previously, now makes sense to us!).
The record always reckons!
Greetings!
Prof Lungu 8 years ago
Kwabena Yeboah,
The last we were on the same pages, we were talking about the FTOS-GH/PSA petition/campaign to secure more revenues for Ghana's oil. At that time, we had about 32 signatories.
Right now, we are at 98.
W ... read full comment
Kwabena Yeboah,
The last we were on the same pages, we were talking about the FTOS-GH/PSA petition/campaign to secure more revenues for Ghana's oil. At that time, we had about 32 signatories.
Right now, we are at 98.
We need just 3 more signatories to put us over our second milestone - 100-signatories.
Plan is to send a thank you note and a status update at the 100-signatory milestone - to all signatories through Change.org, about success thus far!
QUESTION: Can you and perhaps 2 friends help put is over the line, if you have not yet had a chance to do so?
Kwabena, there are a lot of people in Ghana walking the streets and halls of government, doing good work on behalf of Ghana, on this item. They need all of our support to get the PSA law enacted for Ghana.
Then, just maybe, we could be spared from these types of essays.
FYI - Our contacts with several members of the OccupyGhana group has led is to the view that, strangely, they are not interested in the FTOS-Gh/PSA campaign.
We are guessing it is perhaps more convenient to "side" with Mahama by blaming Nkrumah, than to join the FTOS-Gh petition/campaign that is at some level, a Ghana-centered critique of Mahama.
Greetings!
sabitu husein 8 years ago
all your submissions are vague and smack your integrity as a true analyst. I expected you to be objective in your analysis devoid of political colourisation even though man is a political animal. But your inclination had clou ... read full comment
all your submissions are vague and smack your integrity as a true analyst. I expected you to be objective in your analysis devoid of political colourisation even though man is a political animal. But your inclination had cloud your integrity such that could not differentiate between objectivity. Remember everybody is watching you.
Kensi 8 years ago
What poor shallow analysis.. Is the guy a lawyer??? He sounds really dumb
What poor shallow analysis.. Is the guy a lawyer??? He sounds really dumb
Kwadwo. 8 years ago
Nkrumah bankrupted Ghana. I don't think this this fact is disputable,
Nkrumah bankrupted Ghana. I don't think this this fact is disputable,
Prof Lungu 8 years ago
Talk is cheap!
Where is your data?
Talk is cheap!
Where is your data?
kwadwo. 8 years ago
My source is the late Frimpong Ansah of the bank of Ghana. Nkumah thought it was a mistake when Frimpong Ansah broke the news to him in 1965. If that is not a bankrupt country, you tell me Lungu.
My source is the late Frimpong Ansah of the bank of Ghana. Nkumah thought it was a mistake when Frimpong Ansah broke the news to him in 1965. If that is not a bankrupt country, you tell me Lungu.
Prof Lungu 8 years ago
Kwadwo,
That is another one of those lies! Do not belie coup plotters narratives. After all, they never told Ghanaians the CIA actually directed and funded the "escort", as Sydney Casely-Hayford will have us believe,
It ... read full comment
Kwadwo,
That is another one of those lies! Do not belie coup plotters narratives. After all, they never told Ghanaians the CIA actually directed and funded the "escort", as Sydney Casely-Hayford will have us believe,
It is what we will call, a "Sydney-Caseley-Hayford fabrication", a lie!
If you think through the overthrow, when Nkrumah was overthrown by the military at the behest of the US, UK, France, Nkrumah was not on his way to borrow money, even in 1966.
Your pounds sterling (£500000), using a conversion factor of 2.79, gives us $1,395,000.00, in 1965.
That is a lie, a heresy, as you admit in evidence...somebody said...
Here (Ghana-Total Reserves):
Year Value
1964 $125,519,200
1965 $115,809,200
1966 $111,130,400
ITEM: Records show that in 1966, and 1967, Ghana actually received less aid from the US and UK, than Ghana received under Nkrumah. Why? Because after the overthrow, the US and the UK did not need Ankrah and his dictatorship.
Do some checking on balance of trade of the period and get the true facts!
Go to GhanaHero.com and read some more!
Better yet, if you want, you could go sign the FTOS-Gh/PSA campaign, at:
Mr S Casely-Hayford, please read this speech delivered by Nkrumah and bury your head in shame for writing such an "infantile" article. What sort of English don"t you understand? Nkrumah,understood capitalism but loathed and d ... read full comment
Mr S Casely-Hayford, please read this speech delivered by Nkrumah and bury your head in shame for writing such an "infantile" article. What sort of English don"t you understand? Nkrumah,understood capitalism but loathed and detested corporate vampirism which you [Casely-Hayford] love so much. Your brand of capitalism is more Bernard Madoff"s in Ghana. What good is it to the general population?To people like you[Casely-Hayford] corporate greed at the expense of the masses is the epitome of excellence. Phew!
A Dinner With Businessmen
Flag stuff House, February 22, 1963
I am happy to welcome you here this evening. They say, I believe, that if you have something important to say, don’t risk losing it in the digestive tracts of a hungry man. Now that you seem to me to be carefree and relaxed and in a mood of conviviality, “you’ll have no scandal while we dine, but honest talk and wholesome wine."
Gentlemen, you are the representatives of industry and commerce, and constitute a vital part in the economic life of Ghana. I would like to take advantage of your presence here tonight to have a good look at our common problems.
As you know, we have had some problems in our foreign trade and balance of payments. The unsatisfactory state of world markets for cocoa and for some of our other major products made it necessary for us to tighten our belts. For those of you in the business community, your contribution to this effort has consisted mostly of having to keep within regulated limits, the amounts which you could transfer abroad or pay out in dividends. In addition, we look for steps to reduce our imports on goods in order to prevent the balance of payment crisis.
We know that the reduction in imports has in some way affected your business, but I can assure you that the decision was taken in the interest of the nation, and especially of the national economy of which you form a part.
We know at the time that the measures we took would impose some restriction on all of us. Even those of us in the Government have felt the stress and strain of the limitations which the world financial situation imposed on our activities, but in spite of this, we must recognise the fact that these limitations were necessary in order to protect the strength and stability of our economy.
I am happy to say that as a result of the sacrifices made by the people of Ghana, by the Government and by you, the members of the business community, the financial situation has now stabilised. There has been a radical improvement in our balance of international trade, and the country’s reserves have shown a healthy recovery. But this does not mean that the time has come for us to relax. Our economic position needs to be still further improved, particularly in the new period of development which we are about to enter with our Seven-Year Plan.
In the past year or so, while we have adopted these vigorous measures to protect Ghana’s economy, we have had to experiment with a number of devices in order to achieve our aim. I am fully aware of the difficulties which some of us have encountered owing to the changes that have to be made from time to time. I would like to say, however, that the Government of Ghana stands by the principles which I enumerated at the last Budget with regard to investment, and which I repeat here:
"The Government will continue to encourage private investors to establish and operate in Ghana. Our Government has no plans whatsoever to take over industries in the private sector; it is neither its wish to do so nor its aim or policy. When private investors enter into fields where state enterprises operate, they will compete on absolutely equal terms without discrimination”
Gentlemen, we must be frank and honest about our intentions and motives. There should be no secret doubts in the relations between us. We can only co-exist on the basis of absolute frankness. We, on our part, welcome every honest investor who wants to work for his equitable profits, but we shall not tolerate anyone who seeks to direct what political course we should follow. Any Government, or, for that matter, any organisation which invests in, or gives a loan or assistance to, another country like our own must on no account interfere directly or indirectly in the internal or external affairs of that country. If any attempt is made on the strength of such credit, loan, aid or assistance to interfere in the political, social, economic, cultural and military affairs of our country, then we shall consider that the motives under lying such activities and operations have a neo-colonialist character.
Perhaps between the theory and practice, there may have been some mistakes made in the application of the rules and regulations. I wish to say, therefore, that if any such mistakes have been made, they have been made in good faith and with the best of intentions.
In order that such mistakes may not be repeated, I have instructed that the rules and regulations should now be put on a firm and clear cut basis. You all know what is required of you, and I am confident that you will accept these in fairness and good spirit, and thereby contribute to the economic growth of Ghana. I am happy to say that an Investment Bill is nearing completion and is expected to be introduced shortly into Parliament. This Bill, when it becomes law, will provide legal backing to Government’s policy with regard to investment and also, at the same time, define the nature of concessions which the Government proposes to make to investors.
Gentlemen, perhaps it will be a good thing for me at this juncture to say something about our hopes for the future. We are in the process of establishing a society in which men and women will have no anxiety about work, food and shelter; where poverty and illiteracy no longer exist and-where disease is brought under control; where our educational facilities provide our children with the best possible opportunities for learning; where every person uses his talents to their fullest capacity and contributes to the general well-being of the nation.
In order to attain these objectives, we have accepted the socialist pattern of society, believing that at a certain level of economic growth of a less-developed country such as Ghana, State enterprise can co—exist with private business interests, provided certain rules are observed on both sides.
I have stated elsewhere that:
"There are circumstances in which the import of foreign capital is of benefit to the importing country, especially in the case of the emerging developing country where large-scale sources of capital accumulation is small and not so easy to mobilise. Foreign capital is thus useful and helpful if it takes the form of a loan or a credit to enable the borrowing country to buy what it needs from whatever sources it likes, and at the same time to retain the control of the assets to be developed?
"One of the worst things that can happen to less-developed and emerging countries is to receive foreign aid with political and economic strings attached.
“These aids are very often wrapped up in financial terms that are not easily discernible.
"Foreign investment made in an emerging and developing country by a foreign company in order that such company can make a profit, has nothing to do with aid. This does not mean that a developing country may not find it advantageous to make a contract with a foreign company for the setting up of, say, a factory or an industry."
"Real aid is something quite different. It consists of direct gifts or loans that are given on favourable terms and without strings attached."
"The problem therefore is how to obtain capital investment and still keep it under sufficient control to prevent undue exploitation and how to preserve integrity and sovereignty without crippling economic or political ties to any country, block or system. In other words, can state enterprise and private enterprise co-exist in a less-developed country? I say yes, provided they both conform to the general framework of the overall plan made by the State."
As I have said earlier, our ideas of socialism can co-exist with private enterprise. I also believe that private capital and private investment capital, in particular, has a recognised and legitimate part to play in Ghana’s economic development. We are consistent in these ideas. I have never made any secrets of my faith in socialist principles, but I have always tried to make it quite clear that Ghana’s socialism is not incompatible with the existence and growth of a vigorous private sector in the economy.
Gentlemen, I need hardly say that Ghana expects you — indeed, Ghana invites you — businessmen, industrialists, bankers, manufactures and investors, to play a significant role in this economic growth and development.
Let me end by saying — and I say this with emphasis and sincerity that those of you who will be investing in Ghana will be investing in a very stable country; a country united; a country determined to make progress; a country determined to industrialise; a country determined to mechanise and diversify its agriculture; a country dynamic and honest in its intentions and consistent in its policies.
Look around the country for yourselves. Invite your business friends to come here and see with their own eyes the happy atmosphere pervading everything we do; the stability we rightly boast of; the buoyancy of our economy and the happy relationships existing among all races who live here. There can be no better assurance to investors than these. Tell them not to be taken in by the mischief of a section of the press in Europe and America.
And now, Gentlemen, let us stand and drink a toast to the progress and prosperity of trade and industry in Ghana.
» 10th Anniversary of The C.P.P.
» The African Hurricane
» Ghana Needs Her Farmers
» New Sporting Era In West Africa
» French Atom Tests In The Sahara
» Sports And African Unity
» Third Anniversary Of Independence
» Debate On Government White Paper On The Republican Constitution
» Census Night
» Positive Action Conference For Peace And Security In Africa
» To The People Of Ireland
» Towards World Peace
» Official Opening Of College Of Administration
» Come Down To Earth
» Farewell Dinner To The Last Gorvenor-General
» Prorogation Of Parliament
» Ghana Republic Is Born
» To The Armed Forces Of Ghana
» First Meeting Of The Republican Parliament
» Towards African Unity
» Opening Of Hall Of Trade Unions
» To Ghana Women And Women Of African Descent
» To The Diplomatic Corps
» Africas Challenge
» The Congo Situation (1)
» The Congo Situation (2)
» To School Children On Founder's Day
» Investment Policy
» Solution To The Congo Problems
» At The United Nations
» On Arrival From The United Nations
» Trade Policy
» United Nations Day
» To The Red Cross Society
» Chieftaincy Is Guaranteed
» To The Students Of Ghana College
» To The Students Of Women's Training College
» Home Affairs
» Opening Of Cocoa House
» Arrival Of Emperor Haile Sellassie
» State Dinner For Emperor Haile Sellassie
» The Noble Task Of Teaching
» The Congo Situation (3)
» Relationship With Togoland
» Tradition And Culture
» Visit To Sunyani
» Christmas Message
» Casablanca Conference
» Death Of Patrice Lumumba
» The Kwame Nkrumah Institute
» The Volta River Project
» The Visit Of Josip Broz-Tito
» On Departure From Commonwealth
» On His Return To Ghana After A Trip To The United States, The United Kingdom
» Noble Task Of Teaching To The Conference Of Teachers' Association
» Dawn Broadcast 1
» Africa Must Be Free Africa, Freedom Day
» Building a Socialist State to the CPP, Study Group
» The fight on two fronts on assumption of office as general secretary and chairman of CPP
» Politics Are Not For Soldiers To Cadets Of The Ghana Military Academy
» Tragedy In Angola,The National Assembly
» New Horizons Sessional Report On The First Session Of The First Parliament Of The Republic
» The CPP 12th Anniversary
» Padmore, The Missionary. The Opening of The George Padmore Memorial Library
» Work For Ghana And The Future, Broadcast To The Nation
» The Voice of Africa. The Opening of The Ghana External Broadcasting Service
» Flower Of Learning (1), At His Installation As First Chancellor Of The University Of Ghana
» Strengthening The Bonds Of Industry Opening Of The United States Exhibition
» Flower Of Learning (2) : At His Installation As First Chancellor Of The Kwame Nkrumah Univ
» Christmas Broadcast
» A Christmas Toast At A Dinner For Ambassadors And Ministers
» Season Of Goodwill: New Year's Eve Broadcast
» Law In Africa: Conference On Legal Education And Formal Opening Of The Ghana Law School
» Guide To Party Action: Seminar At The Kwame Nkrumah Institute Of Ideological Studies
» Gateway To Ghana: Official Opening Of Tema Harbour
» Opening Of The Canadian Trade Fair
» Africa Needs Her Farmers The Conference Of The Farmers Of Africa
» Ghana Welcomes Foreign Enterprise At The Civic Luncheon
» The Laying Of The Foundation Stone Of City Hotel
» The Ninth Annual National Delegates' Conference; Conference Of The United Ghana Farmers'
» Opening Of The First Biennial Conference of The Ghana T.U.C.
» The Opening Of Electricity And Water; Supplies For Sunyani
» Appeal To National Workers Broadcast To The Nation
» Work And Happiness; Ghanas Seven-Year Development Plan
» Regret And Forgiveness; Reply To Welcome Address By Chiefs And People Of Sekondi-Takoradi
» Step To Freedom Nationalists Of African Freedom Fighters
» The Opening Of Police Headquarters
» Opening Of British Science Exhibition
» Opening Of The Accra Assembly
» On The Eve Of Second Anniversary Of Republic
» Osagyefo's Peace Award Ceremony Of The Award Of Lenin Peace Prize
» The Eleventh Party Congress
» Africa's Glorious Past Opening Of The First International Congress Of Africanists
» 13th Anniversary Of The Declaration Of Positive Action
» Official Opening Of Kwame Nkrumah Market
» A Dinner With Businessmen
» University Dinner
» On The Eve Of 6th Independence Anniversary
» Sixth Independence Anniversary Diplomatic Dinner
» Volta River Project; To The National Assembly
» World Youth Day
» May Day Broadcast
» Conference Of African Heads Of State And Government
» Closing Remarks After Signing Of O. A. U. Charter
» On Arrival At Accra Airport
» Fourteenth Anniversary Of The Convention People's Party
» Third Anniversary Of Ghana Young Pioneers
» Ratification Of The O. A. U. Charter
» The Opening Of Government House
» Opening Of The Unilever Soap Factory
» Tribute To Dr. W. E. B. Du Bois
» National Founders Day
» Ghana Military Academy; Passing-Out Parade
» Tenth Anniversary Of The United Ghana Farmers' Council Cooperatives
» Formal Opening Of The Oil Refinery
» Opening Of The National Assembly
» Laying Of The Foundation Stone At The Pre-Fabricated Concrete Panel Factory
» A United Nations Day
» The Opening Of The Institute Of African Studies
» Opening Of The Second Conference Of African Journalists
» Tribute To The Late President John F. Kennedy
» The Academy Of Science Dinner
» Inauguration Of The Workers' College
» Message To U Thant; U.N. Secretary General
» New Year's Message
» Chou En-Lai In Ghana; Dinner Held In Honour Of Osagyefo By Premier Chou En-Lai
» A New Era; Broadcast To The Nation
» Blue Print Of Our Goal; Launching The Seven-Year Development Plan
» The Challenge Of Our Socialist Revolution; To The T.U.C. National Consultative Conference
» Peace And Progress; The Conference Of Non-Aligned States
» Bright Future For All; Opening Of The National Assembly
» The Great Tasks Ahead; 1966 New Year Message
» Vision and Commitment in National Leadership
A Dinner With Businessmen
Flag stuff House, February 22, 1963
I am happy to welcome you here this evening. They say, I believe, that if you have something important to say, don’t risk losing it in the digestive tracts of a hungry man. Now that you seem to me to be carefree and relaxed and in a mood of conviviality, “you’ll have no scandal while we dine, but honest talk and wholesome wine."
Gentlemen, you are the representatives of industry and commerce, and constitute a vital part in the economic life of Ghana. I would like to take advantage of your presence here tonight to have a good look at our common problems.
As you know, we have had some problems in our foreign trade and balance of payments. The unsatisfactory state of world markets for cocoa and for some of our other major products made it necessary for us to tighten our belts. For those of you in the business community, your contribution to this effort has consisted mostly of having to keep within regulated limits, the amounts which you could transfer abroad or pay out in dividends. In addition, we look for steps to reduce our imports on goods in order to prevent the balance of payment crisis.
We know that the reduction in imports has in some way affected your business, but I can assure you that the decision was taken in the interest of the nation, and especially of the national economy of which you form a part.
We know at the time that the measures we took would impose some restriction on all of us. Even those of us in the Government have felt the stress and strain of the limitations which the world financial situation imposed on our activities, but in spite of this, we must recognise the fact that these limitations were necessary in order to protect the strength and stability of our economy.
I am happy to say that as a result of the sacrifices made by the people of Ghana, by the Government and by you, the members of the business community, the financial situation has now stabilised. There has been a radical improvement in our balance of international trade, and the country’s reserves have shown a healthy recovery. But this does not mean that the time has come for us to relax. Our economic position needs to be still further improved, particularly in the new period of development which we are about to enter with our Seven-Year Plan.
In the past year or so, while we have adopted these vigorous measures to protect Ghana’s economy, we have had to experiment with a number of devices in order to achieve our aim. I am fully aware of the difficulties which some of us have encountered owing to the changes that have to be made from time to time. I would like to say, however, that the Government of Ghana stands by the principles which I enumerated at the last Budget with regard to investment, and which I repeat here:
"The Government will continue to encourage private investors to establish and operate in Ghana. Our Government has no plans whatsoever to take over industries in the private sector; it is neither its wish to do so nor its aim or policy. When private investors enter into fields where state enterprises operate, they will compete on absolutely equal terms without discrimination”
Gentlemen, we must be frank and honest about our intentions and motives. There should be no secret doubts in the relations between us. We can only co-exist on the basis of absolute frankness. We, on our part, welcome every honest investor who wants to work for his equitable profits, but we shall not tolerate anyone who seeks to direct what political course we should follow. Any Government, or, for that matter, any organisation which invests in, or gives a loan or assistance to, another country like our own must on no account interfere directly or indirectly in the internal or external affairs of that country. If any attempt is made on the strength of such credit, loan, aid or assistance to interfere in the political, social, economic, cultural and military affairs of our country, then we shall consider that the motives under lying such activities and operations have a neo-colonialist character.
Perhaps between the theory and practice, there may have been some mistakes made in the application of the rules and regulations. I wish to say, therefore, that if any such mistakes have been made, they have been made in good faith and with the best of intentions.
In order that such mistakes may not be repeated, I have instructed that the rules and regulations should now be put on a firm and clear cut basis. You all know what is required of you, and I am confident that you will accept these in fairness and good spirit, and thereby contribute to the economic growth of Ghana. I am happy to say that an Investment Bill is nearing completion and is expected to be introduced shortly into Parliament. This Bill, when it becomes law, will provide legal backing to Government’s policy with regard to investment and also, at the same time, define the nature of concessions which the Government proposes to make to investors.
Gentlemen, perhaps it will be a good thing for me at this juncture to say something about our hopes for the future. We are in the process of establishing a society in which men and women will have no anxiety about work, food and shelter; where poverty and illiteracy no longer exist and-where disease is brought under control; where our educational facilities provide our children with the best possible opportunities for learning; where every person uses his talents to their fullest capacity and contributes to the general well-being of the nation.
In order to attain these objectives, we have accepted the socialist pattern of society, believing that at a certain level of economic growth of a less-developed country such as Ghana, State enterprise can co—exist with private business interests, provided certain rules are observed on both sides.
I have stated elsewhere that:
"There are circumstances in which the import of foreign capital is of benefit to the importing country, especially in the case of the emerging developing country where large-scale sources of capital accumulation is small and not so easy to mobilise. Foreign capital is thus useful and helpful if it takes the form of a loan or a credit to enable the borrowing country to buy what it needs from whatever sources it likes, and at the same time to retain the control of the assets to be developed?
"One of the worst things that can happen to less-developed and emerging countries is to receive foreign aid with political and economic strings attached.
“These aids are very often wrapped up in financial terms that are not easily discernible.
"Foreign investment made in an emerging and developing country by a foreign company in order that such company can make a profit, has nothing to do with aid. This does not mean that a developing country may not find it advantageous to make a contract with a foreign company for the setting up of, say, a factory or an industry."
"Real aid is something quite different. It consists of direct gifts or loans that are given on favourable terms and without strings attached."
"The problem therefore is how to obtain capital investment and still keep it under sufficient control to prevent undue exploitation and how to preserve integrity and sovereignty without crippling economic or political ties to any country, block or system. In other words, can state enterprise and private enterprise co-exist in a less-developed country? I say yes, provided they both conform to the general framework of the overall plan made by the State."
As I have said earlier, our ideas of socialism can co-exist with private enterprise. I also believe that private capital and private investment capital, in particular, has a recognised and legitimate part to play in Ghana’s economic development. We are consistent in these ideas. I have never made any secrets of my faith in socialist principles, but I have always tried to make it quite clear that Ghana’s socialism is not incompatible with the existence and growth of a vigorous private sector in the economy.
Gentlemen, I need hardly say that Ghana expects you — indeed, Ghana invites you — businessmen, industrialists, bankers, manufactures and investors, to play a significant role in this economic growth and development.
Let me end by saying — and I say this with emphasis and sincerity that those of you who will be investing in Ghana will be investing in a very stable country; a country united; a country determined to make progress; a country determined to industrialise; a country determined to mechanise and diversify its agriculture; a country dynamic and honest in its intentions and consistent in its policies.
Look around the country for yourselves. Invite your business friends to come here and see with their own eyes the happy atmosphere pervading everything we do; the stability we rightly boast of; the buoyancy of our economy and the happy relationships existing among all races who live here. There can be no better assurance to investors than these. Tell them not to be taken in by the mischief of a section of the press in Europe and America.
And now, Gentlemen, let us stand and drink a toast to the progress and prosperity of trade and industry in Ghana.
You damned traitor, Kwame Nkrumah wasn't "escorted off the scene", but, was violently overthrown by traitors like you working with a foreign power(USA) - idiot, get back into your mental hospital bed.
"Ghana, Aha a y? din papa. Alius atrox week advenio. Another terrible week to come!". That's all wish for Ghana. Terrible weeks unless your paymasters assume power. Go back to the mental hospital. Mad man.
Repent from your sins and take the free gift of salvation by believing on Jesus Christ as your Lord and personal saviour and you shall be saved. Heaven and Hell are real. Where will spend eternity? Please choose heaven.
Is this Casely-Hayford guy that stuuupiiiid?Thought he had some brains to be able to think through events and circumstances critically but seems he is just an arm-chair analyst without critical thinking pedigree.
Expect government to do everything, and yet complain about government central controlling the economy during Nkruma's time. You can have your cake and eat it too.
Hopeless and useless armpit smelling son of a whore
Any idiot can pick up a pen and spit out buffoonery - people who lack intelligence and are perfidious in their self inflated image.
This bozo has the temerity to cast absurdity at Dr. Nkrumah with a fit of acknowledgement ...
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Dear Brother Yeboah,
I couldn't agree with you more.
Thanks
Yes, it is a mighty sad day from where we also sit!
How Sidney Casely-Hayford of OccupyGhana could drag Kwame Nkrumah into his essay is beyond us.
In the end, Sydney of OccupyGhana only regurgitated a version of history ...
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Dear Prof. Lungu,
Excellent observation.
People like Sydney cannot live without Nkrumah. I wonder how they manage to even sleep without the great Nkrumah.
Thanks.
Yeah!
Ghana today, is hard!
But, that is no reason to bash Nkrumah!
Maybe, instead of regurgitating what coup plotters and their handlers told Ghana and the world, Sydney Casely-Hayford will pen another paper with ac ...
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Kwabena Yeboah,
The last we were on the same pages, we were talking about the FTOS-GH/PSA petition/campaign to secure more revenues for Ghana's oil. At that time, we had about 32 signatories.
Right now, we are at 98.
W ...
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all your submissions are vague and smack your integrity as a true analyst. I expected you to be objective in your analysis devoid of political colourisation even though man is a political animal. But your inclination had clou ...
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What poor shallow analysis.. Is the guy a lawyer??? He sounds really dumb
Nkrumah bankrupted Ghana. I don't think this this fact is disputable,
Talk is cheap!
Where is your data?
My source is the late Frimpong Ansah of the bank of Ghana. Nkumah thought it was a mistake when Frimpong Ansah broke the news to him in 1965. If that is not a bankrupt country, you tell me Lungu.
Kwadwo,
That is another one of those lies! Do not belie coup plotters narratives. After all, they never told Ghanaians the CIA actually directed and funded the "escort", as Sydney Casely-Hayford will have us believe,
It ...
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Mr S Casely-Hayford, please read this speech delivered by Nkrumah and bury your head in shame for writing such an "infantile" article. What sort of English don"t you understand? Nkrumah,understood capitalism but loathed and d ...
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