Word: nkrumah
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...tells it, Blay-Miezah passed himself off as the sole beneficiary of a trust set up by deposed Ghanaian President Kwame Nkrumah, who died in Rumania in 1972. Gullible investors were told that the Oman Ghana Trust Fund, to be used for economic development in Ghana, had shadowy origins and was funded with billions of dollars in banks in Switzerland and Liechtenstein; the story was backed up with an account number and a vaguely worded letter from the Union Bank of Switzerland...
What has become a blueprint for failure began as Africa's first black nation to emerge from colonial rule. Under the charismatic leadership of its first President, Kwame Nkrumah, Ghana gained independence from Britain in 1957. But poor planning and extravagant government spending soon undermined the economy, while incompetent officials and pervasive corruption eroded Nkrumah's popular support. In 1966 he was overthrown in a widely popular military coup. That revolt set the pattern for the future; in the succeeding 17 years Ghana has endured five such coups...
...coup was the fifth since 1966, when former President Kwame Nkrumah, who was in power when Ghana got its independence from Britain in 1957, was overthrown following widespread discontent over food shortages, corruption and extravagant government spending. Ghana has since become a case study in African nationalism gone wrong, and lately a prototype for young African countries beset with similar problems. In West Africa, Guinea-Bissau, Upper Volta and Liberia have all suffered similar revolutions within the past two years; The Gambia and Sierra Leone have narrowly avoided similar revolts. Much of the difficulty, as Rawlings insists, stems from government...
...since the former British colony, once called the Gold Coast, achieved independence in 1957. Ghana has always held a special place in the hearts of African nationalists: it was the first of the black African colonies to become independent, and it was led by the eloquent and audacious Kwame Nkrumah. Ghana (pop. 11.5 million) has remained one of the world's largest cocoa producers, but its economic downfall began even before Nkrumah was overthrown...
...country that trail-blazed black African decolonization 21 years ago has since had an unhappy political record. Kwame Nkrumah, Ghana's Osagyefo or Redeemer, was deposed by a 1966 military coup because his grandiose economic mismanagement had hobbled the nation with debt at the same time that the world cocoa market slumped. The next civilian government lasted only three years before Prime Minister Kofi Busia was ousted by the army. Last week General Ignatius Kutu Acheampong, 46, who took over in 1972, met a similar fate. Acheampong suddenly resigned from the army and as chairman of the ruling Supreme...