The Contemporary Foreign Policy of Three Western Nations

The domestic economy suffered from deficit financing, excessive foreign borrowing, grandiose and un scotch development projects such as dams and the Volta River Aluminum projects. The Europa International Yearbook 1997, referring to the archean post-colonial period, enounce that "Ghana's economy has been adversely affected by political unstableness and mismanagement" (1442). Berry was blunter in her post-mortem: as a take of Nkrumah's inefficient state enterprises and ill-advised experiment in state socialism, "after the mid-1960s, the economy stagnated, characterized by weak commodity demand, outmode equipment, overvalued currency, smuggling and foreign debt" (xxi).

By the late 1960s, Ghana's relationships with the West loosely were strained because it saw little purpose in subsidizing a regime which was mismanaged internally and which played an active role in playing the West against the East. In 1966, Nkrumah was overthrown by a force coup d'etat. However, the economic situation continued to worsen until the early 1980s under a succession of unstable regimes.

In May 1979 Flight Lieutenant Jerry Rawlings led a victorious coup and was firmly in control of the country in 1982 after a brief departure from power. For nearly a decade, Rawlings ruled through an authoritarian political structure called the provisionary National Defence Council (PNDC).

After 1983, Rawlings decisively arrested

Ghana's drift to the left and instituted a structural adjustment, or Economic Recovery Program. The key features of that program, which was more or less(prenominal) imposed on Ghana by the World affirm and the International Monetary Fund, as the price exacted for the extension of progress international credit, were the reduction of the role of the state in economic affairs, monetary and fiscal restraint, and resort to free market incentives and hidden investment, primarily foreign, to expand export earnings.

Berry, LaVerle. Ghana A dry land Study. Washington, D.C.: Library of Congress, 1995.

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