GIFEC CEO: Ghana Risked Economic Collapse Under NPP

The Chief Executive Officer of the Ghana Investment Fund for Electronic Communications (GIFEC), Sofo Tanko Rashid, has stated that Ghana was on a dangerous economic trajectory under the previous New Patriotic Party (NPP) administration and risked becoming an international embarrassment if the party had remained in power.

Speaking on Channel One TV’s Breakfast Daily on Thursday, January 8, as the John Dramani Mahama administration marked its first year in office, Mr. Tanko argued that the outcome of the 2024 general election prevented further economic deterioration and helped restore national credibility.

According to him, the Mahama government inherited an economy in severe distress, characterised by Ghana’s exclusion from the international capital market and what he described as a “junk economy”, a situation he said significantly eroded investor confidence.

“The country was going down the drain under the NPP government, and Ghana would have become a laughingstock if we had not stopped the NPP in the last general election,” Mr. Tanko asserted.

He explained that the economy at the time was rated poorly by international institutions, limiting Ghana’s access to credit and weakening its standing in the global financial system.

Mr Tanko further attributed the early stability recorded under the current administration to President Mahama’s experience, noting that his previous tenure in office and eight years in opposition had equipped him with the insight needed to avoid past mistakes and act decisively.

“When President Mahama assumed office, he benefited from hindsight, having previously governed the country and spent eight years in opposition. That experience has helped him correct past errors and stabilise governance structures quickly,” he said.

He also praised the government’s first year in office, describing it as largely scandal-free, and credited the President’s firm commitment to accountability for shaping the conduct of public officials.

“In one year, we have not witnessed any major scandal, and that is commendable. From the outset, the President made it clear that public resources belong to the people of Ghana, not to appointees or their families,” he stated.

Mr Tanko added that this clear directive has instilled discipline across government institutions and reinforced public trust in the administration.

President Mahama’s government marked its first anniversary earlier this week, with officials highlighting progress in economic stabilisation, governance reforms, and efforts to rebuild investor confidence following the challenges inherited from the previous administration.