General Fredrick William Kwasi Akuffo,the leader of the Supreme Military Council (SMC) II on November 6th 1978 declared State of emergency.
General Fredrick William Kwasi Akuffo,the leader of the Supreme Military Council (SMC) II on November 6th 1978 declared State of emergency. In the middle of 1978, things were totally out of hands since the the inflation rate that thought will be decrease rather increase to 300 percent which was not good for economic growth in the country. General Fredrick William Kwasi Akuffo took over from General Ignatius Kutu Acheampong who was forced to resign for general improper conduct and mismanagement of the economy. Measures put in place to resolve the Economic hardship by the Supreme Military Council II were devaluation of the Cedi. The SMC II devalued the Cedi by 58 per cent. The Idea behind the devaluation was to level the imbalance that existed in the county's balance of payments. The SMC II decided to tackle inflation which they felt was the main problem at the time. Inflation which was around 300 per cent was a source of worry for the government. The tax next was also widened espec