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Decades of post-colonial chaos
"Veni, Vidi, Vici, numquam reliquit - ego adduxit inimici mei !"
The Gold Coast had been among the wealthiest and most socially advanced areas in
Africa, with schools, railways, hospitals, social security, and an advanced economy.
Nkrumah attempted to rapidly industrialize Ghana's economy. He reasoned that if Ghana
escaped the colonial trade system by reducing dependence on foreign capital,
technology, and material goods, it could become truly independent.
***
Nkrumah's time in office began successfully: forestry, fishing, and cattle-breeding
expanded, production of cocoa (Ghana's main export) doubled, and modest deposits of
bauxite and gold were exploited more effectively. The construction of a dam on the Volta
River (launched in 1961) provided water for irrigation and hydro-electric power, which
produced enough electricity for the towns and for a new aluminum plant. Government
funds were also provided for village projects in which local people built schools and
roads, while free health care and education were introduced
***
In 1954, the world price of cocoa rose from £150 to £450 per ton. Rather than allowing
cocoa farmers to keep the windfall, Nkrumah appropriated the increased revenue via
central government levies, then invested the capital into various national development
projects. This policy alienated one of the major constituencies that helped him come to
power.
Prices continued to fluctuate. In 1960, one ton of cocoa sold for decline caused the
government's reliance on the reserves and forced farmers to take a portion of their
earning in bonds £250 in London. By August 1965, this price had dropped to £91, one
fifth of its value ten years before. The quick price
***
Nkrumah actively promoted a policy of Pan-Africanism from the beginning of his
presidency. This entailed the creation of a series of new international organizations,
which held their inaugural meetings in Accra.
***
In the Year of Africa, 1960, Nkrumah negotiated the creation of a Union of African States,
a political alliance between Ghana, Guinea, and Mali. Immediately there formed a
women's group called Women of the Union of African States.
***
Nkrumah was instrumental in the creation of the OAU in Addis Ababa in 1963
