suitable climate for the coup of 1966 (Boone, 2003: 171; Robertson, 1987: 58). However, prices gradually recovered the 1966 coup of 1966. The new government (the NLC) increased producer prices as soon as international prices rose, which happened only a few months after the coup. This price-trend reversal encouraged the military government to increase producer prices and resume investment in the cocoa sector (World Bank, 1971: 11). By 1967, cocoa prices had almost fully recovered, reaching 83 percent of their 1958 level, the highest since 1959 (see Table 4 for full information on the price recovery). The price of cocoa continued to increase until the end of the decade; world cocoa prices in 1969 were the highest since 1954 (World Bank, 1971: 35). The NLC responded by instituting a yearly increase in producer prices. Local producer prices increased from £75 to £84 per ton immediately after the coup, and rose again to £122 in 1967, with a further increase in 1968. The increase in the prices of cocoa contributed to the narrative of Nkrumah’s failure. Yet the percentage of the world-market prices paid to Ghana’s cocoa producers under the military government was significantly lower than that paid by Nkrumah’s government, even though the prices offered by the NLC were numerically higher (see Table 3). For example, whereas the military government paid 41 percent of its total proceeds from cocoa to local producers in 1968, when the international prices have fully recovered, Nkrumah paid 91 percent in 1964. Table 5. 3 Government and cocoa industry: selected indicators Year 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 A 72 78 78 87 91 74 55 55 41 50 37 B 100 87 77 61 46 37 45 60 59 65 64 C 100 80 76 68 79 37 34 59 48 62 60 D 100 70 16 20 18 30 39 26 39 47 41
suitable climate for the coup of 1966 (Boone, 2003: 171; Robertson, 1987: 58). However, prices gradually recovered the 1966 coup of 1966. The new government (the NLC) increased producer prices as soon as international prices rose, which happened only a few months after the coup. This price-trend reversal encouraged the military government to increase producer prices and resume investment in the cocoa sector (World Bank, 1971: 11). By 1967, cocoa prices had almost fully recovered, reaching 83 percent of their 1958 level, the highest since 1959 (see Table 4 for full information on the price recovery). The price of cocoa continued to increase until the end of the decade; world cocoa prices in 1969 were the highest since 1954 (World Bank, 1971: 35). The NLC responded by instituting a yearly increase in producer prices. Local producer prices increased from £75 to £84 per ton immediately after the coup, and rose again to £122 in 1967, with a further increase in 1968. The increase in the prices of cocoa contributed to the narrative of Nkrumah’s failure. Yet the percentage of the world-market prices paid to Ghana’s cocoa producers under the military government was significantly lower than that paid by Nkrumah’s government, even though the prices offered by the NLC were numerically higher (see Table 3). For example, whereas the military government paid 41 percent of its total proceeds from cocoa to local producers in 1968, when the international prices have fully recovered, Nkrumah paid 91 percent in 1964. Table 5. 3 Government and cocoa industry: selected indicators Year 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 A 72 78 78 87 91 74 55 55 41 50 37 B 100 87 77 61 46 37 45 60 59 65 64 C 100 80 76 68 79 37 34 59 48 62 60 D 100 70 16 20 18 30 39 26 39 47 41