Gideon Boako demands accountability over Mahama’s collapsed $10bn projects

Tano North MP Dr Gideon Boako has challenged President John Dramani Mahama’s government to account for previous US$10 billion project commitments, particularly the controversial STX housing deal.

In a write-up issued on Sunday, November 15, Dr Boako argued that Ghana must establish what happened to resources committed to earlier projects before accepting fresh promises under the government’s New Economy Programme.

He cited the STX housing project, announced in 2009 with an ambitious target of constructing 200,000 housing units within five years.

According to him, Parliament approved an initial US$1.5 billion tranche for 30,000 housing units for the security services in August 2010, with a sod-cutting ceremony subsequently held at the Tesano Police Training Depot on January 27, 2011.

However, the project collapsed following disagreements between STX Korea and its Ghanaian partner, GKA Airports Company, leaving the country without the promised housing units.

Dr Boako alleged that Ghana was left with financial liabilities, with critics estimating losses of more than US$300 million, including US$245 million in political risk insurance payments.

He recalled that then Vice President Mahama, who had been directly involved in efforts to secure the deal, announced its collapse on December 30, 2011.

The MP also referenced the Hope City project, announced in 2013, and the US$10 billion Big Push infrastructure commitment, which featured in the NDC’s 2020 manifesto.

He argued that the latest US$10 billion New Economy Programme follows a familiar pattern of ambitious announcements without sufficient evidence of implementation.

“That is the definition of hoax political rhetoric – bold numbers with no funding, no financing structure, no investor list, no Act of Parliament. Just consultations,” he wrote.

Dr Boako insisted that the government must provide clarity on the financing arrangements, investors and accountability mechanisms for its latest economic programme.

“Ghana does not need another $10 billion city in the sky. Ghana needs the $10 billion already announced to be accounted for. Starting with STX,” he stated.