Finance Minister who rescued Ghana from 1983 Economic Recession – Meet Him
There is always a “saviour” is every troubling situation. Unlike the current economic crisis that is being attributed to by the external shocks (Coronavirus Pandemic and Russia-Ukraine War), by the managers of the economy, economists in the past accepted their mistakes and ensured that the best thing was done to save the Ghanaian economy.
It is so hilarious how some political leaders take the progress of this country for granted, yet they continue to blame the West for their failures. I believe that putting square pegs in a round hole has been a major cause of the abysmal performance of most ministerial leaders under this current government.
I did not think if Joseph Leo Seko Abbey did not go the extra mile to do what is best and right for Ghana in the 1980s, his name would be on the learning table today.
The Mfantsipim ‘boy’ used three years (from 1965 to 1968) to obtain both Master’s Degree in Statistics and Doctorate Degree in Statistics from the Iowa State University. Five years later, he further obtained a Master’s Degree in Economics from the University of Western Ontario. Meanwhile, he received his Bachelor’s Degree in Economics from the London School of Economics.
In the corporate arena, Abbey served as an Assistant Statistical Officer at the Central Bureau of Statistics. He further became a Lecturer at the University of Ghana, Legon in the field of Economics. Additionally, he worked as a Research Fellow at the United Nations Conference on Trade and Development (UNCTAD) in New York, USA.
His Political Journey
From 1978 to 1979, Abbey served as the Minister for Economic Planning (now Ministry of Finance and Economic Planning) under Igatius Kutu Acheampong’s Administration.
Close to the mid 80s, Jerry John Rawlings appointed him as the country’s High Commissioner to Canada. He served in this capacity for two years. And in 1986, Rawlings further appointed him as the country’s High Commissioner to the United Kingdom. He performed this role for four years.
Among other roles he assumed include: Economic Consultant for the United Nations Development Programmme (UNDP) and the United Nations Economic Commission for Africa (ECA); as well as the Acting Secretary for Trade in the Provisional National Defense Council (PNDC).
Between 1983 and 1986, Abbey led in the launching and implementation of the Economic Recovery Programmme (ERP). This was a very effective initiative that overturned the serious crisis that was facing the Ghanaian economy at that time. It restructured the economy and made it bounce back to its normal position, with support from the International Monetary Fund (IMF) and the World Bank.
The aim of the ERP was to “reverse a protracted period of serious economic decline characterized by lax financial management, inflation rates well over 100 percent, and extensive government involvement in the economy.”
