<P> Despite its short existence, the Second Republic was significant in that the development problems the nation faced came clearly into focus . These included uneven distribution of investment funds and favouritism toward certain groups and regions . Important questions about developmental priorities remained unanswered, and after the failure of both the Nkrumah and the Busia regimes (one a one - party state, and the other a multi-party parliamentary democracy) Ghana's path to political stability was obscure . </P> <P> Acheampong's National Redemption Council (NRC) claimed that it had to act to remove the ill effects of the currency devaluation of the previous government and thereby, at least in the short run, to improve living conditions for individual Ghanaians . To justify their takeover, coup leaders leveled charges of corruption against Busia and his ministers . The NRC sought to create a truly military government and did not outline any plan for the return of the nation to democratic rule . </P> <P> In matters of economic policy, Busia's austerity measures were reversed, the Ghanaian currency was revalued upward, foreign debt was repudiated or unilaterally rescheduled, and all large foreign - owned companies were nationalized . The government also provided price supports for basic food imports, while seeking to encourage Ghanaians to become self - reliant in agriculture and the production of raw materials . These measures, while instantly popular, did nothing to solve the country's problems and in fact aggravated the problem of capital flow . Any economic successes were overridden by other basic economic factors . Industry and transportation suffered greatly as oil prices rose in 1974, and the lack of foreign exchange and credit left the country without fuel . Basic food production continued to decline even as the population grew . Disillusionment with the government developed, and accusations of corruption began to surface . </P> <P> The reorganization of the NRC into the Supreme Military Council (SMC) in 1975 may have been part of a face - saving attempt . Little input from the civilian sector was allowed, and military officers were put in charge of all ministries and state enterprises down to the local level . During the NRC's early years, these administrative changes led many Ghanaians to hope that the soldiers in command would improve the efficiency of the country's bloated bureaucracies . </P>

The original reason for the rise of the kingdom of ghana was