WITH ALL THIS THE GOVERNMENT SAYS SHE IS DEVELOPING INFRASTRUCTURE... IS THAT WHAT WE WILL EAT? IF DEVELOP ALL THIS AND THE ECONOMY IS BAD
WITH ALL THIS THE GOVERNMENT SAYS SHE IS DEVELOPING INFRASTRUCTURE... IS THAT WHAT WE WILL EAT? IF DEVELOP ALL THIS AND THE ECONOMY IS BAD
Naayale Woyome 8 years ago
Stupid, are you surprised? Bloody idiots. Carry on following TB Joshua, he will probably bring you electricity.
Stupid, are you surprised? Bloody idiots. Carry on following TB Joshua, he will probably bring you electricity.
Socrates 8 years ago
Another Danquah Institute?
Another Danquah Institute?
United Ghana 8 years ago
Everybody knows the performance of the GH economy has been, to put it mildly, abysmal. Even Mahama & his sycophants know that, but, are happy to lie about it, shamelessly. What a clueless corrupt bunch they are.
Everybody knows the performance of the GH economy has been, to put it mildly, abysmal. Even Mahama & his sycophants know that, but, are happy to lie about it, shamelessly. What a clueless corrupt bunch they are.
NPP KWASEAFUO PARTY. NPP JIMIFUO KUO 8 years ago
Pitiful Nduom. Doomed Nduom.
Pitiful Nduom. Doomed Nduom.
JJ 8 years ago
Job well done! Looking forward to more of the same!
Job well done! Looking forward to more of the same!
SIMON 8 years ago
OH GHANA WHEN ? HOW GOOD IS A BLACKMAN AND WOMAN IF ALL THAT WE THINK IS TO LEAVE IN MOST EXPENSIVE HOMES, SERVANTS, EXPENSIVE VEHICLES YET CANNOT HAVE A SIMPLE RESEARCH AND DEVELOPEMENT LAB IN GHANA, AFRICA TO DISCOVER REAL ... read full comment
OH GHANA WHEN ? HOW GOOD IS A BLACKMAN AND WOMAN IF ALL THAT WE THINK IS TO LEAVE IN MOST EXPENSIVE HOMES, SERVANTS, EXPENSIVE VEHICLES YET CANNOT HAVE A SIMPLE RESEARCH AND DEVELOPEMENT LAB IN GHANA, AFRICA TO DISCOVER REAL MEDICINE FOR EBOLA, MALARIA AND OTHER COMMUNICAL DISEASES WHICH HAVE BEEN KILLING AFRICANS FOR MANY DECADES SHAME TO SO CALL LEADERS WHO ARE FUL OF SCRAP WITH POT BELLIES.
Kojo 8 years ago
This insurance underwriter Paa Kwesi's pretentions are just hilarious. This guy had pedestrian performance as an advisor to the PNDC. He was even worse as a minister under kuffour. Now he pretends to have some superior unders ... read full comment
This insurance underwriter Paa Kwesi's pretentions are just hilarious. This guy had pedestrian performance as an advisor to the PNDC. He was even worse as a minister under kuffour. Now he pretends to have some superior understanding of issues and some, as yet, undemonstrated competency to address them? As for Ghana, mmmh, anybody can get up and pretend to be superman!
Tweaaa
WizKid 8 years ago
Please GN I have an advise for u; instead of being at the sidelines and always criticizing,I suggest u team up with the Gov to solve our country's problems that's being patriotic. By the way GhanaWeb why do you have to put su ... read full comment
Please GN I have an advise for u; instead of being at the sidelines and always criticizing,I suggest u team up with the Gov to solve our country's problems that's being patriotic. By the way GhanaWeb why do you have to put such a headline without specifying the source of the analysis. If one reads the headline without opening the story he will think it was done by an international organization. Please stop the bias!
GH 8 years ago
So what went wrong? How and why did the brilliant, charismatic Dr. Kwame Nkrumah, the outspoken Marxist/Communist, Pan-African Founding Father of Ghana, begin his political slide and ultimate ignominious fall from power?
... read full comment
So what went wrong? How and why did the brilliant, charismatic Dr. Kwame Nkrumah, the outspoken Marxist/Communist, Pan-African Founding Father of Ghana, begin his political slide and ultimate ignominious fall from power?
The list of reasons is lengthy and complex but it is safe to say, that Nkrumah's decline began in early 1960. Until then, the population, because he had lead them to Independence from Britain, was generally willing to overlook Nkrumah's Marxist/Communist ideological pronouncements, his costly demands for pomp and splendor and his assumption of more and more power, in many cases, usurping elected and Traditional Authority.
However, beginning in mid-1960, at about the time that he assumed the Presidency and approved the new Republican Constitution, the economic fallibility of Ghana clearly manifested itself and materially effected the lives of all Ghanaians. From 1960 to 1965, world cocoa prices plummeted, and the enormous development spending begun by Nkrumah four years earlier, severely impacted the country's economy. Foreign exchange and government's reserves shrank and disappeared. Unemployment rose dramatically. Food prices skyrocketed up over 250% from 1957 levels and up a phenomenal 66% in 1965. Eventually, there were massive food and essentials shortages effecting every area, sector and individual in Ghana. Econmic growth, which had ranged from 9% to 12% per annum until 1960, dropped to 2% to 3%, insufficient to sustain a population expanding at almost 3% per year.
Nkrumah's response was an austere socialist budget which imposed flawed Marxist concepts of economic resuscitation on the population, primarily through harsh and unrealistic taxation. Financial mismanagement and economic chaos increased and the country was eventually poised at the brink of national bankruptcy and international disgrace.
In the meantime, to shore up his eroding political strength, Nkrumah assumed more and more power which he exercised capriciously. Obsessed with personal safety after two failed assassination attempts, he established a very well and heavily armed Secret Security Service and Presidential Guard recruited from abroad and under his direct control. Resentment by the ill-equipped Army and Police followed.
In the meantime, the Cult of Nkrumahism continued to develop and propound preposterous quasi-marxist theory and dogma hatched in the name of Nkrumah, at the Ideological Institute at Winebba. The Nkrumah cult, created by Nkrumah himself to perpetuate and mythicize himself, forced acquiescence by all, to what was called "the Nkrumahist Gospel".
In 1964, Nkrumah declared himself President for Life and summarily banned all opposition political parties. His enemies, real and imagined, were detained. In the process, innocent people from all over Ghana were swept up and imprisoned in complete abuse of their individual rights and liberties. Laws were suspended and/or manipulated to prop up Nkrumah's faltering regime.
GOVERNMENT [1960-1966]
From independence in 1957, Ghana enjoyed economic prosperity with a relatively high
growth rate, substantial foreign exchange reserve and a strong civil service to guide
economic growth.2 To promote socioeconomic development, the government instituted
a policy of free education, healthcare and initiated mass industrialization. However,
coupled with external shocks arising from deteriorating price of cocoa, the economic
situation retrogressed from bad to worse. In 1965, Ghana was faced with the challenge
of dealing with an economic downturn and, needing an external bailout, approached
IMF. The Fund proposed a reduction in government spending to levels that could be
covered by government revenues in order to fight inflation.3 The Nkrumah government,
however, rejected these conditions. Adopting these policies would have thwarted the
expansionist development programmes which included diversification of the Ghanaian
2 Hutchful, E. (1985). IMF Adjustment Policies in Ghana since 1966. African Development, 10 (1), 5.
3 Aryeetey, E. and Fosu, A. (2000). Economic Growth in Ghana: 1960-2000. A Paper Prepared for AERC
Growth Project.
4
economy through import substituting industrialization.4 Moreover, if Nkrumah had
accepted IMF loan and conditionalities, it would have affected the momentum of his
economic development strategy.5 The IMF policies would have forced Nkrumah to cut
back on capital spending (i.e. building of schools, hospitals, and particularly his pet
economic programme: the import substituting industrialization). Since Nkrumah
government was overthrown in 1966, it is impossible to determine whether its policies
could have tackled the economic downturn without the IMF support.
This notwithstanding, available data indicates that Ghana’s socio-economic situation as
of 1965 - a year before the overthrow- was not only gloomy (according to some
analysts) but also heralded the nation’s economic doom.6 Besides the high level of debt
stock which stood at USD$500 million in 1965 (from a negligible amount in 1960), the
external reserve position had deteriorated considerably between 1957 when net
reserves stood at US$269 million and 1966 when they were negative at –US$391
million.7 This outcome resulted in a deteriorating balance of payments position and also
the poor credit rating accorded the country. Consequently, inflation ballooned from 0.98
percent in 1964 to 26.4 percent in 1965 (see Fig. 2.1)8.
WITH ALL THIS THE GOVERNMENT SAYS SHE IS DEVELOPING INFRASTRUCTURE... IS THAT WHAT WE WILL EAT? IF DEVELOP ALL THIS AND THE ECONOMY IS BAD
Stupid, are you surprised? Bloody idiots. Carry on following TB Joshua, he will probably bring you electricity.
Another Danquah Institute?
Everybody knows the performance of the GH economy has been, to put it mildly, abysmal. Even Mahama & his sycophants know that, but, are happy to lie about it, shamelessly. What a clueless corrupt bunch they are.
Pitiful Nduom. Doomed Nduom.
Job well done! Looking forward to more of the same!
OH GHANA WHEN ? HOW GOOD IS A BLACKMAN AND WOMAN IF ALL THAT WE THINK IS TO LEAVE IN MOST EXPENSIVE HOMES, SERVANTS, EXPENSIVE VEHICLES YET CANNOT HAVE A SIMPLE RESEARCH AND DEVELOPEMENT LAB IN GHANA, AFRICA TO DISCOVER REAL ...
read full comment
This insurance underwriter Paa Kwesi's pretentions are just hilarious. This guy had pedestrian performance as an advisor to the PNDC. He was even worse as a minister under kuffour. Now he pretends to have some superior unders ...
read full comment
Please GN I have an advise for u; instead of being at the sidelines and always criticizing,I suggest u team up with the Gov to solve our country's problems that's being patriotic. By the way GhanaWeb why do you have to put su ...
read full comment
So what went wrong? How and why did the brilliant, charismatic Dr. Kwame Nkrumah, the outspoken Marxist/Communist, Pan-African Founding Father of Ghana, begin his political slide and ultimate ignominious fall from power?
...
read full comment