The so-called professor that tried to embellish Nkrumah's economic record needs to go to School again. These types of socialist arguments could deceive Ghanaians in the 50s and 60s, but they cannot do so now. Nkrumah was the ... read full comment
The so-called professor that tried to embellish Nkrumah's economic record needs to go to School again. These types of socialist arguments could deceive Ghanaians in the 50s and 60s, but they cannot do so now. Nkrumah was the first leader to introduce unsustainable debt into this country by borrowing massively and unnecessarily to finance his whims and caprices. It was a misfortune that we had such a person as a president immediately after the independence. He didn't lay a realistic economic foundation for sustainable development of the young nation at all, considering the amount of money that was at his disposal in those days.
Ghana had about one billion dollars in reserve when Nkrumah took over the reins of government from the colonial masters. Could you imagine the value of 1bn dollars in those days? Even if we accepted the lesser figure Nkrumah supporters give, the value of their figure would still be $20bn in today's Dollar value. In addition, cocoa prices at the world market rocketed and increased four-fold after 2years of his rule. Nonetheless, and contrary to any sound economic planning, he did not reserve any fraction of the windfall for a rainy day as the Whiteman had been doing. So the question is, what did Nkrumah do with all the revenue he got from the astronomical cocoa prices and the huge reserve that he inherited, which took many years to build for our financial stability and sustainable development?
The man just went on a spending spree both in Ghana and around the world, throwing his weight about and talking big. So when the cocoa prices collapsed close to the end of his rule, he was quick to point an accusing finger at the West, blaming them for manipulating cocoa prices to sabotage the Ghanaian economy and overthrow his government. Finally, after misusing all the money on dubious and prestigious projects, failed communist agricultural projects and whimsical mad rush industrialization projects that did not withstand the test of time, he also burdened the young nation with another billion dollars' debt before he was forced out of the country.
The truth is that, Nkrumah's ideas were unsuitable for growing the economy since the communist system lacks mechanisms and incentives that release energies of the people to create wealth. He, therefore, met a rich and confident country with huge potentials, and left it nearly bankrupt in some few years as a result of gross communist mismanagement and dictatorship.
Mahama 8 years ago
Where did you get your one billion dollar figure from? You're not serious.
Where did you get your one billion dollar figure from? You're not serious.
Osei Kwame 8 years ago
Another wasted space.
Another wasted space.
Philip Kobina Baidoo 8 years ago
Do you expect any better if a whole professor who sets out on white horse to debunk the so called fallacy of Nkrumah inheriting huge sums of money ends up with dump squib? Not a chance in hell.
Do you expect any better if a whole professor who sets out on white horse to debunk the so called fallacy of Nkrumah inheriting huge sums of money ends up with dump squib? Not a chance in hell.
KING LOMOTEY 8 years ago
You have a conscience for misrepresenting the views of Rachel Carson, Paul R. Ehrlich, Noam Chomsky, Al Gore, and John Maynard Keynes.
If I were you, with conscience, I would immediately apologize to these intellectual G ... read full comment
You have a conscience for misrepresenting the views of Rachel Carson, Paul R. Ehrlich, Noam Chomsky, Al Gore, and John Maynard Keynes.
If I were you, with conscience, I would immediately apologize to these intellectual Giants, and the impacts they've made the world over.
Philip Kobina Baidoo 8 years ago
It is obvious that you did not understand a thing you read in those articles. I didn't just write anything I proved what I wrote. They are human beings and for that matter fallible. Thank you.
It is obvious that you did not understand a thing you read in those articles. I didn't just write anything I proved what I wrote. They are human beings and for that matter fallible. Thank you.
Osei Kwame 8 years ago
When will you stop this your endless rubbish?
When will you stop this your endless rubbish?
Kwadwo 8 years ago
Why should he stop when he is exposing the falsehood that kwarteng is feeding you people.
Why should he stop when he is exposing the falsehood that kwarteng is feeding you people.
usual suspect 8 years ago
what exposing is he doing he is only making a fool of himself.
what exposing is he doing he is only making a fool of himself.
Philip Kobina Baidoo 8 years ago
Well, at least, I have got the prerogative to make a fool of myself, which will not be possible under your god Nkrumah. Thank you.
Well, at least, I have got the prerogative to make a fool of myself, which will not be possible under your god Nkrumah. Thank you.
The so-called professor that tried to embellish Nkrumah's economic record needs to go to School again. These types of socialist arguments could deceive Ghanaians in the 50s and 60s, but they cannot do so now. Nkrumah was the ...
read full comment
Where did you get your one billion dollar figure from? You're not serious.
Another wasted space.
Do you expect any better if a whole professor who sets out on white horse to debunk the so called fallacy of Nkrumah inheriting huge sums of money ends up with dump squib? Not a chance in hell.
You have a conscience for misrepresenting the views of Rachel Carson, Paul R. Ehrlich, Noam Chomsky, Al Gore, and John Maynard Keynes.
If I were you, with conscience, I would immediately apologize to these intellectual G ...
read full comment
It is obvious that you did not understand a thing you read in those articles. I didn't just write anything I proved what I wrote. They are human beings and for that matter fallible. Thank you.
When will you stop this your endless rubbish?
Why should he stop when he is exposing the falsehood that kwarteng is feeding you people.
what exposing is he doing he is only making a fool of himself.
Well, at least, I have got the prerogative to make a fool of myself, which will not be possible under your god Nkrumah. Thank you.