Ghana was teetering on the edge of economic disaster, and if not for the decisive action taken in the 2024 elections, we could have become an international joke. This is the stark warning from Sofo Tanko Rashid, CEO of the Ghana Investment Fund for Electronic Communications (GIFEC), who believes the country was on a perilous path under the previous New Patriotic Party (NPP) administration.
In a candid interview on Channel One TV's Breakfast Daily on January 8, 2026, Rashid reflected on the one-year anniversary of President John Dramani Mahama's return to office. He argued that the 2024 election results were not just a political victory but a rescue mission for Ghana's economy. But here’s where it gets controversial: Rashid described the economy under the NPP as a “junk economy,” a term that underscores the severity of the financial crisis the country faced. This label, he explained, had severely damaged investor confidence and Ghana’s credibility on the global stage, effectively shutting the nation out of international capital markets.
Rashid highlighted that the Mahama administration inherited a deeply distressed economy, one that required immediate and strategic intervention. He credited President Mahama’s prior experience—both as a former leader and after eight years in opposition—for enabling swift corrective actions. And this is the part most people miss: Rashid emphasized that Mahama’s time in opposition provided him with valuable hindsight, allowing him to address past mistakes and stabilize governance structures more effectively.
One of the most striking points Rashid made was about the administration’s first year in office. He praised it as “scandal-free,” a rare achievement in modern governance. This, he attributed to President Mahama’s unwavering commitment to accountability, which has set a new standard for government appointees. Is this a sustainable model for governance, or is it too early to tell?
Rashid’s words were clear: “The country was spiraling downward under the NPP, and we were on the brink of becoming a global laughingstock. The economy was in shambles, and Ghana was locked out of the capital market. Mahama’s return brought a promise to set things right, and in just one year, we’ve seen no scandals. This is because he made it clear from the start that public resources belong to the people, not to appointees or their families.”
This bold assessment raises important questions: Was the NPP’s economic policy truly as disastrous as Rashid claims? And is Mahama’s approach to accountability a blueprint for future administrations? What do you think? Is Rashid’s critique fair, or is there another side to this story? Share your thoughts in the comments below and let’s keep the conversation going.
-citinewsroom
