Quantum leap in economy under Kwame Nkrumah, 1951-1966

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Prof Lungu 8 years ago

To say...

"...while parroting that "60-years old" sad and sorry song."

Peace!

To say...

"...while parroting that "60-years old" sad and sorry song."

Peace!
francis kwarteng 8 years ago

Another brilliant expose.

More of those.

Thanks for the great education Prof Lungu.

Another brilliant expose.

More of those.

Thanks for the great education Prof Lungu.
Kwadwo 8 years ago

Frimpong Ansah of the bank of Ghana told Nkrumah in a cabinet briefing in 1965 that Ghana's foreign reserves stood at £500, 000. Ghana was broke and you can take that to the bank, Lungu. Remember he started with over £200,0 ...
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Frimpong Ansah of the bank of Ghana told Nkrumah in a cabinet briefing in 1965 that Ghana's foreign reserves stood at £500, 000. Ghana was broke and you can take that to the bank, Lungu. Remember he started with over £200,000,000. Nkrumah spent like a drunken sailor and Ghana suffered economically and this contributed to his ouster. Take that to the bank as well, Lungu.
Kojo T 8 years ago

I wonder how you think Wealth is not just cash Assets - liabilities = wealth Cash is just 1 facet of wealth .If you have $100 but no car , nor furniture but someone has a car, house furniture and $20 ...
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I wonder how you think Wealth is not just cash Assets - liabilities = wealth Cash is just 1 facet of wealth .If you have $100 but no car , nor furniture but someone has a car, house furniture and $20 who is better off?
Prof Lungu 8 years ago

Kojo T,
Good point!

If we may further indulge Kwadwo by channeling your more critical perspective, "Broke Ass" Ghana for the past 51 years has relied on all those investments Kwame Nkrumah made on behalf of Ghana to powe ...
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Kojo T,
Good point!

If we may further indulge Kwadwo by channeling your more critical perspective, "Broke Ass" Ghana for the past 51 years has relied on all those investments Kwame Nkrumah made on behalf of Ghana to power every development plan and effort, from education to industry to national security, except perhaps oil (the last 7 years).

Some of these people, even in the 21st century, do not know the role debt plays in national development. Or, they just do not care for facts.

Thanks.
Military Man 8 years ago

You are part of the group who messed up Ghana's economy under JDM.

"Booklong" for nothing. Only good at pillaging, plundering and putting asunder Ghana's wealth for personal gains. Good for nothing but slick explanations a ...
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You are part of the group who messed up Ghana's economy under JDM.

"Booklong" for nothing. Only good at pillaging, plundering and putting asunder Ghana's wealth for personal gains. Good for nothing but slick explanations and no practical experience.

Shame on you!!!
Dr. Otto 8 years ago

Lungu, you are so STUPID, to talk about a paper where as it's a crystal clear RUBBISH! ...which paper are you idiot talking about?

Did you fool see Francis Kwame Nwaeh Ngoloma aka Kwame Nkrumah personally before? NO! . ...
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Lungu, you are so STUPID, to talk about a paper where as it's a crystal clear RUBBISH! ...which paper are you idiot talking about?

Did you fool see Francis Kwame Nwaeh Ngoloma aka Kwame Nkrumah personally before? NO! ...you didn't, but forcing a fucking shit to glorify him and going gaga about Kufuor. You Dumb-Ass!!!
You better show us your so-claimed Ph.D. Certificate. ...You fucking impersonator!!!
----------------------------------------------------

By: Prof Lungu

In Celebration of Kwame Nkrumah's Exemplary Performance on Behalf of Unitary Ghana During 1951 - 1966

This paper is a continuation of "Quantum Leap in Education Under Kwame Nkrumah and the CPP (1951 - 1966)".

For generations and hundreds of years before independence in 1957, the Gold
Coast/Ghana, contributed in no small measure to the development or Europe and that same Great Britain, from London all the way to Singapore. Yes, Singapore, where former President Kuffour stood the other day and proudly christened a drilling ship in his own name while parroting that 60-year sorry sad and sorry song.

Ghana, let all of the jokes be on them!
THE RENAISSANCE MAN 8 years ago

DICTATORS ARE NATION WRECKERS AND FAMILY DESTROYERS. NO ONE NEEDS A DICTATOR IN HIS/HER HAIR.

THE LOVERS OF NKRUMAH CAN MOVE TO NORTH KOREA !!!

DICTATORS ARE NATION WRECKERS AND FAMILY DESTROYERS. NO ONE NEEDS A DICTATOR IN HIS/HER HAIR.

THE LOVERS OF NKRUMAH CAN MOVE TO NORTH KOREA !!!
Prof Lungu 8 years ago

THE RENAISSANCE MAN must be in the land of Rip Van Winkle, or, he just missed "The Boat".

Why is he not asking "LOVERS OF NKRUMAH" to move to Singapore, or China, even?

THE RENAISSANCE MAN must be in the land of Rip Van Winkle, or, he just missed "The Boat".

Why is he not asking "LOVERS OF NKRUMAH" to move to Singapore, or China, even?
Prof Lungu 8 years ago

Kwadow,
We do not deal with aural history in these matters.

You much understand!

So, provide the Frimpong Ansah account. Let everyone read about that. (Or, write a paper and present your case).

To help you out...so ...
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Kwadow,
We do not deal with aural history in these matters.

You much understand!

So, provide the Frimpong Ansah account. Let everyone read about that. (Or, write a paper and present your case).

To help you out...some data from the same source...

Ghana - Central Bank Currency Reserves:

1963 = 35,000,000
1964 = 27,000,000
1965 = 49,000,000

Meanwhile, you can read our Part 2, coming up ~Friday, 10 Mar.

Thanks.

francis kwarteng 8 years ago

Kwadwo has merely been regurgitating a coup-plotter documentary narrative/propaganda I had watched on YouTube some years back.

Nothing new really.

Kwadwo has merely been regurgitating a coup-plotter documentary narrative/propaganda I had watched on YouTube some years back.

Nothing new really.
Prof Lungu 8 years ago

Thanks, francis kwarteng.

Sure.

That is one good reason we must continue to set the record straight, move beyond "...merely regurgitating...coup-plotter documentary narrative/propaganda...".

Thanks, kindly.

Thanks, francis kwarteng.

Sure.

That is one good reason we must continue to set the record straight, move beyond "...merely regurgitating...coup-plotter documentary narrative/propaganda...".

Thanks, kindly.
Kwadwo 8 years ago

Hansard House of Commons debate on Ghana Finance April 14,1965 vol 710 cc1625-34. The motion was made by Mr. John Cordle. This is not a coup plotters documentary, Francis. Ghana was indeed broke. Are you also suggesting that ...
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Hansard House of Commons debate on Ghana Finance April 14,1965 vol 710 cc1625-34. The motion was made by Mr. John Cordle. This is not a coup plotters documentary, Francis. Ghana was indeed broke. Are you also suggesting that a great banker like Mr Frimpong Ansah was lying if what he said appeared in a documentary? I believe you do Nkrumah a lot of good if you guys would once admit he made a lot of mistakes and this caused his downfall. Some of us do a fair amount of reading and will not easily fall for the hero worshipping material you Nkrumaist churn up here.
Abeeku Mensah 8 years ago

I suppose your favorite tribal leaders who popped up after 1966 have been so perfect Ghanaians leaving in droves for the countryside must be crazy. Is it Nkrumah that is stopping Ghanaians in self-imposed exile from coming ba ...
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I suppose your favorite tribal leaders who popped up after 1966 have been so perfect Ghanaians leaving in droves for the countryside must be crazy. Is it Nkrumah that is stopping Ghanaians in self-imposed exile from coming back to a country that is free and prosperous or is it the failures of your latter-day loaders of this so-called free society? I dare say that most Nkrumah-hating Ghanaians are simply shameless hypocrites; the same hypocrites would leave Ghana for China, Middle-Eastern and other dictatorial, autocratic and theocratic nations to endure worse abuses but cowardly cry foul because Nkrumah would not let them screw Ghana on tribal preferences.
Prof Lungu 8 years ago

So much good for Ghana, that "Unitary Ghana" alone!

All of Nkrumah's faults will not measure even a tithe of just that great one.

Thanks, Abeeku Mensah.

So much good for Ghana, that "Unitary Ghana" alone!

All of Nkrumah's faults will not measure even a tithe of just that great one.

Thanks, Abeeku Mensah.
Read 8 years ago

GHANA (FINANCE)

HC Deb 14 April 1965 vol 710 cc1625-34 1625
§Motion made, and Question proposed, That this House do now adjourn.—[Mr. Howie.]

§ 2.33 a.m.

§Mr. John Cordle (Bournemouth, East and Christchurch) Th ...
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GHANA (FINANCE)

HC Deb 14 April 1965 vol 710 cc1625-34 1625
§Motion made, and Question proposed, That this House do now adjourn.—[Mr. Howie.]

§ 2.33 a.m.

§Mr. John Cordle (Bournemouth, East and Christchurch) The matter which I wish to raise on the Adjournment, the opportunity of which I very much welcome, is a far cry from the preceding debate. I propose to talk as briefly as possible, because I know that other hon. Members also wish to speak about the present position of Ghana's finances.
Those of us who have been privileged to visit Ghana on occasions know how warm and friendly, clever and industrious are the people. It is a rich country abounding in natural resources—gold, timber, diamonds, manganese, fisheries and, above all, cocoa. It is, indeed, a country which provides itself with every base for a sound economy.

I approach the subject of Ghana's economic difficulties with great hesitancy, but I believe it to be in the best interests of both the Ghanaians and ourselves that this urgent and important matter should be ventilated and that Her Majesty's Government should give assistance when it is possible to help a member Commonwealth country through her difficulties.

The main factor in reducing Ghana's revenue has been the slump in cocoa prices. In 1963, in collaboration with cocoa-producing countries, we made strenuous efforts towards international agreement on a stable price for cocoa. Ghana's judgment, however, was that this would be against her interests and negotiations broke down, with disastrous results both to Ghana and to other countries dependent largely on cocoa. We would hope that in the interests of all cocoa producers a fresh attempt will be made to secure an international agreement on a stable price of cocoa.

The complete lack of understanding of the gravity of the financial and economic situation in Ghana both at home and in its relationship with the outside world underlined by the statement made on 12th January by President Nkrumah at the formal opening of the budget session of Parliament. He laid the blame for the disastrous fall in Ghana's revenues mainly on the manufacturers and speculators 1626 in the cocoa trade. In the face of this slump in revenue, he announced that budget expenditure would rise to £200 million compared with £144 million in the 1963–64 estimates, and that if credits were available from abroad the figure would be stepped up to £250 million. He completely ignored the fact that even if the indicative price of £190 a ton for cocoa were to be realised the expenditure of even 75 per cent. of the estimated total for the next year could not possibly be sustained.

Taxation proposals were not announced by him, but the law of diminishing returns already took effect during the last two years. Of foreign companies operating in Ghana, some are still making profits, but they are profits which cannot be remitted. Foreign exchange is short and import licences are difficult to get. Overseas companies are finding it difficult to continue their operations.

It may be useful at this point to compare the state of affairs which existed at the time Ghana achieved its independence on 6th March, 1957, with what is believed to be the position at present. Central Government revenue in 1957 was £60 million, and in 1964–65 it had risen to £133 million. Central Government expenditure in 1957 was £52.8 million, quadrupling to £200 million in 1964–65. In extenuation it can be said that since the price of cocoa fell below £220 a ton after 1960 expansion of the economy of Ghana became more difficult. That was the time when the situation should have been drastically reappraised, but expenditure on social services and on development plans have not reflected the unfavourable trend of Ghana's external earnings. Indeed, the expenditure estimates have continued to grow at a galloping pace.

Since 1959 when the last budget surplus was registered resort has been made to deficit financing, and deficits totalling £183 million have been incurred. In the first place, deficits were covered by the redemption of foreign securities and decreases in the cash balances held abroad, but since 1960 they have been financed mainly from internal sources, notably from the issue of Government stocks, Treasury bills and advances from the Central Bank. Another source, suggested by Mr. Nicholas Kaldor, but since 1627 abandoned because of its great unpopularity, was the national development loan raised by means of compulsory savings, but these have not been redeemed.

Between 1959 and 1965 the national debt has increased from £23 million to £237 million, of which £80 million represents the external debt and £157 million the internal. The bulk of the external debt is in the form of suppliers' credits granted under trade agreements and other bilateral arrangements, and it is noteworthy that they are mostly repayable in sterling, dollars or deutschmarks, even though many are with suppliers from the Eastern bloc countries.

Total visible trade, which showed a favourable balance in 1959, deteriorated so greatly that during the period 1960–63 adverse balances amounting to £64 million were incurred. As a corollary Ghana's
balance of payments position worsened. In 1951 the deficit on current account was £52 million. Exchange and import controls in 1962 reduced this deficit to £28 million, but it increased again to £46 million in 1963. The seriousness of the position is well reflected by the reduction in foreign exchange reserves.

The pace of economic growth, which advanced at a steady average of 7 per cent. in the years prior to 1961, mainly as a result of expansion in cocoa production, has now come to an almost complete standstill, largely through a slump in cocoa prices. The rate of increase in agricultural production has declined, and there is marked fall in mineral output. Despite the moderate increase in terms of trade in 1963, earnings fell because the volume of exports was less. Ghana shared with Ceylon the unenviable distinction of being the only countries in the Commonwealth whose export earnings failed to increase during 1963.

Like so many other under-developed countries, Ghana has staked heavily on investments in the manufacturing industries to provide import saving goods with a view to reducing the pressure on her external reserves. Although the Government have by their repeated public statements welcomed foreign 1628 capital, their actions have not kept pace with these statements. The confidence which would have been generated by the removal of the restrictions on the repatriation of profits has been undermined by the imposition of a penal surtax on such operations.

In the event, State enterprises have been created which, generally speaking, have failed because of lack of practical ability. Of 32 State-owned corporations in which the Government have invested about £40 million, net accumulated losses to date have been incurred of nearly £14 million, principally by the State Mining Corporation £6 million; Ghana Airways—£5.1 million; and the State Farm Corporation—£2.4 million.

The development plan lists a number of projects in the public sector which should by now have come into production. A recent survey of industrial development in Ghana has, however, found that most of them are seriously behind schedule, mainly because of difficulties on the civil engineering side.

By contrast, some projects in the private sector are operating efficiently. A soap factory of Unilever is a good example, and the textile printing works at Tema, which will be managed by Unilever and A.D.A.T.I.G., should prosper. A cocoa-processing factory and steel works at Tema have every chance of success, as has a projected glass factory at Tarkwa. In contrast to the losses made by the State-owned enterprises, the joint State-private enterprises showed total accumulated profits of over £600,000 from total investments of £1 million.

The picture which has been presented is serious. This is underlined by The Times report yesterday on the total refusal of leading Western nations providing millions of dollars in emergency loans to alleviate what it describes as a desperate balance of payments situation. So far the U.K. Government has been careful not to offer advice which would no doubt have been resented, but if the Commonwealth is to mean anything, surely the time is upon us when our Government should make a fresh attempt to consult Ghana to seek an opportunity to help her find a way out of these temporary but very serious difficulties.

In the end, the initiative must come from the Ghana Government themselves. 1629 Surely help from Britain, whether from the public or private sector, can be effective only if the Ghana Government can bring their expenditure more nearly into balance with their earnings, and in this I return to my main point. The need is to be able to plan ahead on the basis of a reasonable and stable price for cocoa.

The Ghanaians are members of the Commonwealth in whom we have great. faith. We have confident hope for their future. They seek, as they told us, trade in preference to aid. They do not seek charity. I therefore sincerely beg Her Majesty's Government to do everything they can to tackle the main problem, and that is to secure an international agreement on stable cocoa prices.

2.45 a.m.

Mr. John Tilney (Liverpool, Wavertree) I must declare an interest as a director of a company which trades both in and with Ghana, that country of pleasant people where I have many fiends, a country naturally richer than any purely African country south of the Sahara. It is an independent Common-wealth country and I would not wish to go in detail into what are its private affairs. We are all guilty at times of spending not all that wisely, and if banks suddenly foreclosed on individuals, companies or countries we might all find ourselves in a difficult situation.
I hope that Her Majesty's Government may be able to meet some of the points so very sensibly raised by my hon. Friend the Member for Bournemouth, East and Christchurch (Mr. Cordle). Private enterprise, of course, has been hit in Ghana by import rationing and heavy taxation, but so might it be by the Little England, anti-developing Commonwealth aspect of our recent Budget. My hon. Friend is perfectly right when he lays emphasis on cocoa. I remember the Korean boom in cocoa when it reached nearly £500 a ton. In 1954 the average price was £467 10s. The drop in price has been really staggering. Only a few months ago it was over £200. Now it is under £130, and that in depreciated £s. Therefore, whatever Her Majesty's Government can do to get the Western world to help in this cocoa crisis I believe not only Ghana but other countries in the developing world would be extremely grateful.
Unfortunately we cannot very easily have a Commonwealth cocoa agreement. The Commonwealth Sugar Agreement has enabled the West Indian islanders and others to hold their heads high, but we take no more than 7½ per cent. of the world cocoa production. Therefore, if we can get our friends in Europe and the United States and the U.S.S.R. to come into some worldwide agreement, we will do much to prevent not only Ghana but Western Nigeria from suffering.

The Finance Minister of Western Nigeria was reported as saying in his Budget speech not long ago: Consumer countries were bent on exploiting the poverty and scanty resources of producer countries to their own advantage. Let us show that this is untrue. My hon. Friend referred to the fact-finding mission which was reported in the dispatch from Washington in The Times of yesterday. I hope that if the International Monetary Fund is to be called upon to help, Her Majesty's Government will try to support it to the full.

2.50 a.m.
Read 8 years ago

The Minister of State, Commonwealth Relations Office (Mr. Cledwyn Hughes) I am grateful to the hon. Member for Bournemouth, East (Mr. Cordle) for indicating some of the themes that he was going to follow in his speech. I cann ...
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The Minister of State, Commonwealth Relations Office (Mr. Cledwyn Hughes) I am grateful to the hon. Member for Bournemouth, East (Mr. Cordle) for indicating some of the themes that he was going to follow in his speech. I cannot, however, endorse many of the remarks that he has made about the domestic policy of the Government of Ghana. It is a tradition of this House that we should exercise self-restraint in discussing the domestic affairs of other countries. Most hon. Members opposite would refrain from criticising in this House the internal affairs of Peru, France or the United States. The hon. Member for Bournemouth, East has, upon this occasion, raised many matters which are solely the domestic concern of the Government of Ghana. Such remarks can have most unfortunate consequences upon Ghana's relations with this country. A Commonwealth country whose domestic affairs are discussed in this way in this House is given the impression that one of the results of membership of the Commonwealth is that it is criticised by hon. Members in a way in which it would not be criticised if it were a foreign country. I hope, therefore, that the speech of the hon. Member does not create this impression.
1631 Having said that, however, I think that the House is fully entitled to concern itself with matters affecting British interests in other countries, whether they be inside or outside the Commonwealth. I therefore welcome those passages in which hon. Members opposite drew our attention to the difficulties of British businesses operating in Ghana and of British exporters in Ghana. The immediate cause of these difficulties is Ghana's acute balance of payments problem. There is no doubt that her difficulties have been exacerbated by her decision, in co-operation with other members of the Cocoa Producers Alliance, to refrain from selling her cocoa for several months. The attempt to hold up prices by this means failed and the producers resumed selling in February, but one effect has been that Ghana is only now receiving from abroad income which otherwise she would have received several months earlier.

Both hon. Members have referred to the importance of cocoa to the economy of Ghana. It is true that the Commonwealth produces more than half of the world's cocoa, but this country consumes only about 10 per cent. of world production and we are not able to exercise a major influence over world market prices. That is one of the facts of life that we must face. An agreement on the lines of the Commonwealth Sugar Agreement would not be practicable, because Britain consumes a much smaller proportion of Commonwealth exports of cocoa than she does of their exports of sugar. Only an international as distinct from a Commonwealth agreement in respect of cocoa could give Commonwealth cocoa producers a useful measure of reassurance. The British Government greatly regret the failure in 1963 to arrive at a satisfactory international cocoa agreement.

Turning to British economic interests in Ghana, British exporters to Ghana have been faced with difficulties both in securing payment for past exports to Ghana and in obtaining import licences and exchange authorisations for further exports. The British Government fully recognise that these exporters have reason to be dissatisfied with Ghana's administrative procedures. Among the valid criticisms which have been made of the Ghanaian 1632 procedures are the cumbrousness and uncertainty of the licensing arrangements. Britain has been a major supplier in the past of Ghana's imports and is therefore one of the main sufferers by these arrangements and from the deliberate policy of the Ghana Government in seeking to shift the pattern of its external trade in favour of the countries of Eastern Europe, with whom she has negotiated barter agreements. We have also been disturbed in recent weeks to learn of an increasing tendency to discriminate in favour of Ghana shipping and the Ghana Insurance Corporation to the detriment of British interests in these two industries.

Hon. Members will want to know what the British Government are doing to help in this situation. The British Government have been giving all the help they can to British exporters and British firms operating in Ghana. First, I would mention that the Board of Trade is always prepared to advise exporters about the facts of the situation in a country overseas. Moreover, the facilities of the Exports Credit Guarantee Department continue to be available to British exporters for normal short-term cover. E.C.G.D. have been particularly helpful to British exporters in meeting all requests for cover up to 180 days. British exporters who do not take advantage of the facilities and advice which E.C.G.D. have to offer have largely themselves to blame if they are unable to secure any money for their goods. E.C.G.D. make a very valuable contribution. I am sure that the hon. Member for Liverpool, Wavertree (Mr. Tilney), with his experience in my present office, will readily agree with me on that.

Secondly, the British High Commissioner in Accra has made clear to the Ghana Government our concern about difficulties British exporters are facing in securing payments from Ghana. Our High Commissioner's Office has received in the last 15 months more than 370 complaints from British firms and has actively pursued these cases with the Ghana Government. Unforunately, owing to the severity of the shortage of foreign exchange, these representations have not been successful so far in about half of the cases, but we have every expectation of an improvement in the situation shortly. In the last few days there has been an announcement by the 1633 Ghana Government which indicates that, with the inflow of foreign exchange resulting from the resumption of cocoa sales, it is hoped to be able to clear up within the next few weeks the greater part of this outstanding short-term debt. I am sure that this will be very welcome news to hon. Members.

By this means it appears likely that Ghana will succeed within the next few months in overcoming her immediate need for cash to meet immediate demands for foreign exchange. But Ghana is faced with having to find this year and in future years very large sums of foreign exchange to meet the annual servicing of her medium-term debt. If her medium-term difficulties cannot be overcome she will face further short-term cash difficulties such as she has faced recently.

The British Government have, therefore, advised the Ghana Government that the proper course was for the latter to approach the International Monetary Fund because the problem was too big to 1634 be faced by Britain or by another single country in the West on its own. I am happy to learn that the Ghana Government have accepted this advice and that a mission from the Fund will be visiting Ghana shortly.

As friends of the people of Ghana, whom we admire as hardworking and industrious partners in the Commonwealth, we feel sure that this is the right and proper course for Ghana to follow. We feel sure that she will receive from the International Monetary Fund, the best possible advice upon what she needs, to do to overcome her current difficulties, and we are confident that if that advice is heeded the way ahead will be clear for her to achieve the great economic potential we all know her to possess.

§Question put and agreed to.
Kwadwo 8 years ago

Notice that Lungu and Kwarteng have ignored the House of Commons debate of Ghana's sad economic situation in 1965. They think all of us are ignorant of our economic an political history.
We will not let them get away with pr ...
read full comment

Notice that Lungu and Kwarteng have ignored the House of Commons debate of Ghana's sad economic situation in 1965. They think all of us are ignorant of our economic an political history.
We will not let them get away with propaganda. Lol
Kwadwo 8 years ago

Notice that Lungu and Kwarteng have ignored the House of Commons debate of Ghana's sad economic situation in 1965. They think all of us are ignorant of our economic an political history.
We will not let them get away with pr ...
read full comment

Notice that Lungu and Kwarteng have ignored the House of Commons debate of Ghana's sad economic situation in 1965. They think all of us are ignorant of our economic an political history.
We will not let them get away with propaganda. Lol
Prof Lungu 8 years ago

Wow!

Astounding //1951//.

READ: "... In 1951 the deficit on current account was £52 million...".

READ //1951//
"Leader of Government Business
12 February 1951
Nkrumah was released from prison to head this gover ...
read full comment

Wow!

Astounding //1951//.

READ: "... In 1951 the deficit on current account was £52 million...".

READ //1951//
"Leader of Government Business
12 February 1951
Nkrumah was released from prison to head this government".

Thanks, Read!!!!!

Dessie 8 years ago

Great piece prof.looking forward to read it

Great piece prof.looking forward to read it
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kwabena ohemeng 8 years ago

Britain ruled Ghana for over a century and left 400[or 500?] million pounds in the national kitty.Divide that amount by the number of years they ruled us and the picture will be that of robbery,pillaging and stealing of our r ...
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Britain ruled Ghana for over a century and left 400[or 500?] million pounds in the national kitty.Divide that amount by the number of years they ruled us and the picture will be that of robbery,pillaging and stealing of our resources.How many hospitals,good roads and secondary schools did the British construct in the Gold Coas?.And the type of education it brought to Ghana was not meant to accelerate the nation's development.It produced office clerks to help the British entrench their rule and exploit our resources.Where they were not getting resources they never connected such areas with even latertite roads.No wonder at independence the northern region was 50 years behind the rest of Ghana in terms of development.Osagyefo had to institute special emergency development programmes[eg free education]to accelerate the rapid development of the Northern Region.What has Ghana achieved since the coup of February,1966 whose leaders accepted pecuniary bribes from the CIA to overthrow Osagyefo.The dysfunctional economy and the suffering of Ghanaians are the divine punishments for the overthrow of Osagyefo.And those who took the gun to overthrow him died by the gun.Jesus told Peter'put yor sword back in its sheath for those who pull the sword die by the sword'.Exceptionally true with Afrifa and Kotoka.Nation wreckers[not forgetting Busia]who sold their country for bread and butter.
patriot 8 years ago

WHEREVER THOSE BEHIND THE FEBRUARY,1966 COUP ARE GOD IS PUNISHING THEM.I HOPE GOD HAS PUT THEM IN THE EVERLASTING FIRE.

WHEREVER THOSE BEHIND THE FEBRUARY,1966 COUP ARE GOD IS PUNISHING THEM.I HOPE GOD HAS PUT THEM IN THE EVERLASTING FIRE.
Prof Lungu 8 years ago

kwabena ohemeng,
We have to look into that one, if in fact the British who owned more than 70% of their GDP actually left "400[or 500?] million pounds in the national kitty," for Ghana.

There is not much evidence for tha ...
read full comment

kwabena ohemeng,
We have to look into that one, if in fact the British who owned more than 70% of their GDP actually left "400[or 500?] million pounds in the national kitty," for Ghana.

There is not much evidence for that. Much of the funds Nkrumah used were internally generated, during 1951-1958. Besides, at time of independence Ghana was still running trade deficit with Britain and the world.

Thanks, kindly.
THE REAL C.Y. ANDY-K 8 years ago

Ma fren, it is not true that Britain left that kind of money for Nkrumah in 1957. Some of us have tried many times to correct that falsehood.

The truth is that the CPP inherited only about £19m of reserves after the disso ...
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Ma fren, it is not true that Britain left that kind of money for Nkrumah in 1957. Some of us have tried many times to correct that falsehood.

The truth is that the CPP inherited only about £19m of reserves after the dissolution of the West African marketing Board in 1952 or so. The rest of the about £200m at independence was accumulated by the CPP regime, against fierce opposition of the farmers who voted overwhelmingly for the CPP. This eventually led to the formation of the NLM and other splinter parties.

This should be common knowledge to Ghanaians but the dastardly lie have been so pervasive that we need constant rebuttals and a book to refute this lie of the British leaving money for Nkrumah which he squandered.

Andy-K
francis kwarteng 8 years ago

Thank you Nyebro Yao.

Thank you Nyebro Yao.
Prof Lungu 8 years ago

Thanks for the insight, THE REAL C.Y. ANDY-K.

We must and will always challenge the "fallacy" and conjecture that the Brits left so much money, a la Professor Botwe Asamoah, etc.

We must make this observation!

On se ...
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Thanks for the insight, THE REAL C.Y. ANDY-K.

We must and will always challenge the "fallacy" and conjecture that the Brits left so much money, a la Professor Botwe Asamoah, etc.

We must make this observation!

On second reading of kwabena ohemeng's comments, we are inclined towards the idea that he was actually making an "even if" point. His comments does not positively show that he believe that coup-plotter fallacy from Kwadwo.
Dessie 8 years ago

Yes you are right Professor:Busia/Danquah,a nation wreckers just as what they (NPP)just lied to the nation now

Yes you are right Professor:Busia/Danquah,a nation wreckers just as what they (NPP)just lied to the nation now
Kotey 8 years ago

This is culled from a reader just to add to the Osagyefo"s record achievements within his short reign.He will indeed be missed.

"These are some facts about the Republic of Ghana. By 1963,Ghana spend more on education than ...
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This is culled from a reader just to add to the Osagyefo"s record achievements within his short reign.He will indeed be missed.

"These are some facts about the Republic of Ghana. By 1963,Ghana spend more on education than any country of its size in the world.Education is also free from primary class one to the University level. by 1963 Ghana had more trained Nuclear Physicists than any country in the world per capita.141 qualified scientist. Finally,by 1963,Ghana probably, the only country in the world, where Black people runs everything in the country. Banks,Insurance companies The 68 factories available were all run by Ghanaians.Ghanaians were Flying Ghana airways Jets.Ghanaians were navigating the Ocens in Blackstar line Ships. GO to Google if you want to verify these. HAPPY INDEPENDENCE DAY TO ALL OF YOU."

francis kwarteng 8 years ago

Great!

Thanks.

Great!

Thanks.
Sir Edem 8 years ago

Now the two notorious Ghanaweb idiots, Prof Lungu and his co-equal stupid bosom friend, Francis Kwarteng are vigorously defending nonsense.

Now the two notorious Ghanaweb idiots, Prof Lungu and his co-equal stupid bosom friend, Francis Kwarteng are vigorously defending nonsense.
PATRIOT 8 years ago

Edem, will you explain further what you mean by 'vigorously defending nonsense'.You are too vague to be taken serious.

Edem, will you explain further what you mean by 'vigorously defending nonsense'.You are too vague to be taken serious.
G Kwaku 8 years ago

The Fight that the late Osagyefo Dr Kwame Nkrumah fought for Africa ,and her people scattered around the Whole World through SLAVERY,is a Fight Between The Almighty God Himself , and Satan.

It is a SPIRITUAL WAR , and it i ...
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The Fight that the late Osagyefo Dr Kwame Nkrumah fought for Africa ,and her people scattered around the Whole World through SLAVERY,is a Fight Between The Almighty God Himself , and Satan.

It is a SPIRITUAL WAR , and it is still going on as you write this Article !

Satan ENTERED GHANA on FEBRUARY 24, 1966 and ever since, has NOT LEFT .

Satan's MANIFESTATIONS are real, and IT IS IN THE MAJORITY OF THE PEOPLE.

NO MATTER WHAT THE TRUTH THAT IS TOLD, IT SIMPLY DOES NOT GO IN. THE REASON BEING THAT SATAN HAS BLOCKED THE MINDS OF GHANAIANS, AND AFRICANS AS A WHOLE.

Most Ghanaians DO NOT KNOW THAT IN 1965, THE ECONOMY OF GHANA WAS SABOTAGED WHEN ARTIFICIAL COCOA WAS MANUFACTURED PURPOSELY TO CUT OFF FUNDS THAT KWAME NKRUMAH RELIED ON FOR THE DEVELOPMENT OF GHANA.

IT IS VERY,VERY SCARY BOTH IN THE SPIRITUAL , AS WELL AS THE PHYSICAL REALMS OF EXISTENCE WHEN THE LORD, ALMIGHTY GOD ENDOWS YOU TO KNOW!

THE ALMIGHTY , GOD IS LAUNCHING HIS SECOND PHASE OF THE LIBERATION OF AFRICA, AND HER PEOPLE , AND THE RESULT COULD BE SEEN CLEARLY BY THOSE WHOSE MINDS ARE NOT BLOCKED BY SATAN!

THANK YOU FOR YOUR APPRECIATED PIECE!
Equality come Africa 8 years ago

Prof Lungu;
Thanks for this article. We are lied to everyday by the enemies of our people. But the sad thing is America and their NATO forces, including lsreal would do whatever they like to either kill or remove leaders wh ...
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Prof Lungu;
Thanks for this article. We are lied to everyday by the enemies of our people. But the sad thing is America and their NATO forces, including lsreal would do whatever they like to either kill or remove leaders who love their people. They have contributed immensely towards the poverty and underdevelopment of Africa's and generally black race since 14th century from slavery, to colonialism, to coups, wars and spread of diseases in Africa. Look at how the just killed ghadafi with a black president obama. I thank God ghetto world is changing and power is shifting to the east.
Kwadwo Osei 8 years ago

Let by-gones be by-gones, Prof. Lungu; Ghanaians must cooperate and build a smart, sustainable economy that is digital. First, the Nkrumah's & the Danqwahists must learn to work together. We still have the human & natural r ...
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Let by-gones be by-gones, Prof. Lungu; Ghanaians must cooperate and build a smart, sustainable economy that is digital. First, the Nkrumah's & the Danqwahists must learn to work together. We still have the human & natural resources & fear of God.
Prof Lungu 8 years ago

Explain, please.

How does the "fear of God" factor into all of this, if you want people to work "together" to "build a smart, sustainable economy that is digital"?

Explain, please.

How does the "fear of God" factor into all of this, if you want people to work "together" to "build a smart, sustainable economy that is digital"?

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Quantum leap in economy under Kwame Nkrumah, 1951-1966

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