John Dramani Mahama, a former president, claims that $270 million that was set aside for the Ghana Infrastructure Investment Fund (GIIF) during his presidency was improperly reallocated under President Akufo-Addo’s leadership.
Speaking to the media, Mahama argued that this financial source is very concerning because President Akufo-Addo has diverted these funds to help his brother-in-law’s project of building a Pullman hotel.
“He has distributed some to his brother-law which he is using to build Pullman Hotel, it’s the money I left in GIIF. Stabilization fund, I left 300 million dollars with the aim of covering up for the economy should an unforseen circumstance occur,” he stated.
The outgoing leader emphasized that he had set aside this cash before the end of his term primarily for the purpose of paying off a debt incurred by outgoing leader John Agyekum Kuffour, which was due in October 2017.
”I left money sinking fund because I knew ex-president Kufuor’s euro bond will be due in October 2017, I thought it was to leave some money because not paying will have a toll on the economy. So I left money there, so when Akufo-Addo assumed office he took that money to pay the debt. I left 270 million dollars in Ghana Infrastructure Investment Fund (GIIF) that was to be used as a vehicle to attract investments into infrastructure, but that money has been distributed,” he indicated.
He added that another crucial justification for keeping these funds safe was to give Ghana a financial safety net in case unanticipated events threatened the nation.
Mahama also expressed surprise at how President Nana Akufo-Addo administration was able to bring about a problematic situation given that it had inherited a sound economy from the NDC administration.
The National Democratic Congress (NDC) presidential candidate has expressed confidence in his party’s ability to address the issues and corruption that have arisen during the Akufo-Addo administration.
I left $270m in GIIF but Akufo-Addo has given it to his in-law to build Pullman hotel – Mahama#INDNews
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— The Independent Ghana (@independent_gh) October 16, 2023