Background
MENSAH, Joseph was born on October 31, 1928.
MENSAH, Joseph was born on October 31, 1928.
Achimota College, University College, of Gold Coast (now University of Ghana), London School of Economics and Stanford University.
Assistant Inspector of Taxes 1953. Research Fellow, University College, of Gold Coast 1953-1957. Lecturer in Eeons., University of Ghana 1957-1958.
Economist, United Nations H.Q., New York 1958-1961. Chief Economist, Principal Secretary and Executive Secretary of National Planning Commission Ghana 1961-1965. Economist, United Nations Director, Division of Trade and Economics Co-operation and Economics Commission, for Africa (ECA) 69.
Commander of Finance April-July 1969. Member of Parliament for Sunyani (Progress Party) 1969-1972. Minister of Finance 1969-1972, and of Economics Planning 196971.
Arrested January 1972, released July 1973. Re-arrested 1975; sentenced to eight years' imprisonment with hard labour October 1975, released June 1978.
His major problems were the rescheduling of Ghana debts while bringing growth to an almost stagnant economy. He laid early emphasis on agricultural development and imposed a development levy to help bridge the gap between rural and urban incomes. Returned as a Progress Party MP for Sunyani in the August elections, he continued as Dr Busia's Minister of Finance and Economic Planning from September 1969 to January 1971 and Finance Minister until the military coup of January 13, 1972.
As Minister, he had some success in maintaining a reasonable balance of payments, but the problem of raising agricultural productivity and cutting costly food imports proved intractable. Then Ghana was hit by the 1971 collapse of the cocoa price. This led to a struggle between Dr Busia and Mensah over the extent of devaluation. Finally Dr Busia forced a devaluation of a truly massive 44%; this led to a near panic inflation which gave the soldiers the excuse to intervene.