243. Memorandum From the Vice President’s Military Aide (Burris) to Vice President Johnson 0
- Nationalization of Industry—Ghana
In coming to a decision on United States participation in the Volta River Project in Ghana, the President was concerned over the possibility that Ghana would nationalize the project after it was completed. One opinion held that the approval of the Volta River Project would encourage Ghana to permit the establishment of private industry with foreign investment playing a major role in Ghana’s industrialization.[Page 373]
Ghana’s Cabinet has just made a decision to acquire 100% of foreign investment in certain enterprises. Nkrumah has clearly expressed his preference for government establishment of industry and his view that private investment will not play a major role in Ghana’s industrialization.
U.S. policy continues to be the encouragement of private investment and technical assistance in Ghana for its further development and to counter Soviet activities in industry and in the country as a whole. However, the Cabinet’s decision at this time, following so soon after approval of the Volta River Project, is a clear indication of Ghana’s intentions and perhaps unwillingness to follow Western philosophy and leadership.
- Source: Johnson Library, Vice President’s Security File, Memoranda to Vice President from Burris. Confidential.↩