Development and the debt trap : economic planning and external borrowing in Ghana / Andrzej Krassowski.

Published in association with the Overseas Development Institute.

Includes bibliographical references and index.

1. Introduction 2. The Root of the Problem: Economic and Political Condition and Objectives in the Decade Before Independence 3. The Transition from Financial Self-Reliance to External Dependence, 1957-1961 4. The Plunge into Insolvency (1962-65) 5. The Nkrumah Legacy 6. Post-Nkrumah Efforts at Rehabilitation and Debt Settlement 7. Summary and Lessons.

Ghana is one of the earliest and most serious examples of the build up of foreign debt by a developing country to support its policies for economic growth. This study, first published in 1974 in conjunction with the Overseas Development Institute, analyses Ghana{u2019}s economy over twenty years and highlights the problems of the debtor/creditor relationship between developed and developing countries. The study concludes with an assessment of the creditors{u2019} contribution to Ghana{u2019}s critical debt position through their readiness to supply funds without adequately analysing the viability of the programmes they supported and through the repayment and interest terms they offered {u2013} terms which were too heavy for Ghana to meet.

Reprint. Originally published: London : Croom Helm, 1974.