According to him, the country should have studied the rudiment of development after the independence in 1957 which prevented the country from learning from developing countries.
He said "It was good for us as a new nation to have the vision to rise but we did not plan it very well, we just rushed and its result is the hardships we are feeling today.
"immediately after our independence, we said we wanted to industrialize, so we should build factories. In the first Republic, factories were springing up and we needed money to do so, so we used our reserves at the Bank of Ghana…our reserves were close to 400 million dollars because we were only six million people."
"Four years after our independence; before our population reached about ten million, all our reserves have been spent because instantly, we wanted to construct factories; shoe factory, leather factory among others.
"We did not understand that because of the reserves, we needed to plan. Even though we needed the factories, we needed to strategize and find a way to add to our reserves but we did not, which has affected our economy today," Kufuor added.