The third Republic government headed by Dr. Hilla Limann faced a lot of tasks ahead.<\/p>\n
On September 24th, 1979, Dr. Limann was inaugurated as the President of Ghana\u2019s third Republic. He faced a daunting task.<\/p>\n
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The country\u2019s economy was still in shambles. Production had declined steadily, to the point where the country\u2019s industry operated at only 10 to 15 percent of capacity.<\/p>\n
In 1979, the cocoa exports had sunk to 189,000 tons, their lowest since independence. Timber exports registered a similar decline, as did gold, diamonds, and the country\u2019s mineral exports in general.<\/p>\n
GDP fell by 12 percent in the country. While the population grew by 30 percent.<\/p>\n
Prices of cocoa which earlier was rising began to fall again.<\/p>\n
Essential commodity like oil prices also saw hiking in the international market.<\/p>\n
Spare parts prices also raised due to the oil price hiked.<\/p>\n
These hardship in the early part of the third Republic of Ghana meant a drastic measures need to be done to salvage the dying economy of the country.<\/p>\n
In fact, crucial policies were needed to be put in place to overcome the problem.<\/p>\n
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Importantly, devaluation of the Ghana Cedi was required to combat the inflation that rapidly soared once that draconian measures that the past Armed Forces Revolutionary Council (AFRC) had imposed were lifted.<\/p>\n
However, the Limann administration was terrified to do this, since similar action had brought down the Busia government down.<\/p>\n
Instead, the PNP government was characterized by an inability to formulate policies.<\/p>\n
It took them several months just to make ministerial appointments, and the government seemed to be waiting for foreign investors to come to Ghana\u2019s aid.<\/p>\n
In the meantime, the PNP government used the tax receipts that the AFRC had collected to pay for an import splurge that it hoped would satisfy the electorate.<\/p>\n
Life under third Republic led by Dr. Limann caused the nation a lot.<\/p>\n
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