Denanase Chief calls for return to Nkrumah era currency strategy to revive Ghana’s economy

Nana Boakye Yiadom Atonsa II, Chief of Denanase in the Afigya Kwabere North Municipality and Atenehene of Asantehene Otumfuo Osei Tutu II, has stirred national debate with a bold call for Ghana to reconsider an economic model he attributes to the country’s first President, Dr Kwame Nkrumah.

In an exclusive interview, Nana Atonsa II argued that Ghana could achieve a major economic turnaround if authorities reinstated what he describes as Nkrumah’s post-independence currency strategy.

He claimed that Nkrumah advanced national development by using the British pounds sterling alongside the United States dollar as key official currencies, a practice he believes strengthened the economy during that era.

According to him, it was this strategic use of foreign currencies that enabled Nkrumah to build many of Ghana’s lasting national assets.

He pointed to factories, state universities, schools, harbours, airports and the Akosombo Dam as examples of infrastructure that still support national development today.

However, Nana Atonsa II lamented that this approach was abandoned after Nkrumah’s overthrow. He said some critics wrongly dismissed Nkrumah’s use of foreign currency as a display of power, without understanding its economic value. After his removal, he said, the use of pounds sterling alongside dollars was discontinued.

Reflecting on the nation’s current economic challenges, he questioned the decision to turn away from that policy. He noted that both businesses and government continue to struggle with a fragile currency, persistent depreciation and unstable exchange rates. He asked pointedly what direction the country is heading if its financial foundation remains unpredictable.

Nana Atonsa II also argued that Ghana’s dependence on foreign loans, often tied to strict conditions, stems from the weakened state of its currency.

He suggested that lenders impose tough terms because they know Ghana’s economic progress is uncertain without access to dollars and pounds sterling. This, he claimed, limits the country’s bargaining power and even its ability to challenge its lenders.

Bringing his appeal to a close, he said that many who once condemned Nkrumah’s currency strategy now recognise its value but remain silent as the nation continues to struggle.

He urged the government to return to negotiations with the United Kingdom and restore the pounds sterling as an official currency alongside the dollar, insisting that such a move would drive Ghana toward a full economic breakthrough.