Black star with a dose of the blues
Not for the first time Ghana, called by independence leader Kwame Nkrumah the Black Star of Africa, has sought to build on prosperity to create a regional leadership position. As before, such hopes have crumbled as commodity prices have fallen, the local currency has depreciated and import dependency has persisted. Chris Cockerill reports
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Ghana, it seemed, was doing all the right things. Its sound fiscal and monetary policies were beginning to pay dividends by the mid-1980s, as the country aspired to regional leadership. Under president Jerry Rawlings, the flight lieutenant who seized power in a coup in 1979 and then again in 1981 before being elected president in 1992, Ghana was set on the road to prosperity.