By Issah Olegor
Member of Parliament for Tano North, Dr Gideon Boako, has launched a strong criticism of President John Dramani Mahama’s development agenda, accusing the government of repeatedly recycling US$10 billion investment promises without providing sufficient evidence of financing arrangements and delivery.
In a political commentary titled “The $10 Billion Mantra: From STX to New Economy, Mahama’s Favourite Hoax,” Dr Boako drew comparisons between major projects and investment announcements associated with President Mahama, arguing that the recurring US$10 billion figure has become a familiar feature of the President’s political and economic messaging.
He cited the STX housing project, Hope City, the National Democratic Congress’s (NDC) Big Push infrastructure proposal and the recently announced New Economy Programme as examples of what he considers a pattern of ambitious financial commitments that require greater scrutiny.
Dr Boako’s central argument is that Ghanaians should demand clear explanations of how the proposed investments will be financed, which institutions and investors will provide the resources, and what mechanisms will ensure that the projects are completed.
STX housing project: The first major promise
The legislator traced the controversy to the STX housing agreement signed during the late President John Evans Atta Mills’ administration, when Mahama served as Vice President.
The project, agreed in December 2009, was designed to provide 200,000 housing units across Ghana’s then 10 regional capitals over five years. Under the arrangement, the government was expected to acquire 90,000 of the proposed houses, including 30,000 units intended for the security services.
Parliament considered and approved an initial supplier-credit financing agreement valued at approximately US$1.525 billion for the construction of the 30,000 security-service housing units. The agreement was part of the broader housing initiative, which was promoted as a major intervention to address Ghana’s housing deficit.
On January 27, 2011, President Mills cut the sod for the commencement of the project at the Police Training Depot in Tesano, Accra. The ceremony was presented as the beginning of an ambitious national housing programme.
However, disagreements between the Korean construction company, STX, and its Ghanaian partners affected the implementation of the project. On December 30, 2011, then Vice President Mahama indicated that the government was considering terminating the arrangement because of the worsening disputes between the parties.
The project subsequently failed to deliver the promised housing units, becoming one of the high-profile unfinished initiatives associated with the Mills-Mahama administration.
Dr Boako argues that the STX experience should serve as a warning against announcing major financial commitments without ensuring that the institutional, contractual and financing arrangements are sufficiently secured.
Hope City and another ambitious investment proposal
He also recalled the Hope City project announced in March 2013, which was presented as a major technology and business development initiative intended to position Ghana as a centre for innovation and information technology.
The proposed development was expected to feature six towers, including a 75-storey structure, and was promoted as a potential landmark in Africa’s technology industry.
The project attracted considerable public attention, with its proponents projecting an ambitious transformation of Ghana’s technology and business environment. However, the development did not materialise as originally announced, and the site became associated with another unfulfilled investment ambition.
For Dr Boako, Hope City reinforces his argument that the announcement of a multibillion-dollar development does not, by itself, guarantee implementation or completion.
The Big Push returns to the political debate
The NDC’s US$10 billion Big Push infrastructure programme, first prominently announced by Mahama during the 2020 election campaign, is another major part of Dr Boako’s criticism.
The initiative was presented as an accelerated infrastructure investment plan covering roads, bridges, hospitals, schools and other essential facilities. The party’s 2020 manifesto described it as a US$10 billion programme intended to stimulate economic activity, create jobs and improve infrastructure.
The proposal was subsequently repeated in the NDC’s 2024 election manifesto, which again committed the party to a US$10 billion accelerated infrastructure plan.
After returning to office, Mahama continued to promote the Big Push as a central component of his administration’s infrastructure agenda.
At the Ghana-UK Investment Summit in London on June 1, 2026, the President spoke about a US$10 billion five-year Big Push Infrastructure Programme intended to accelerate investment in roads, railways, ports, housing, transport corridors and aviation infrastructure.
Dr Boako questions whether the various announcements represent clearly distinguishable investment programmes or successive presentations of similar financial ambitions. He argues that government must provide details that allow Ghanaians to establish how much money has actually been mobilised, what projects are being financed and the extent of implementation.
New Economy Programme raises fresh questions
The latest point of contention is the US$10 billion New Economy investment programme announced by President Mahama in August 2026.
According to the Information Services Department, the programme is expected to run for four years, with an annual investment of US$2.5 billion across seven priority sectors of the economy.
The President announced the initiative during a community engagement in the Upper East Region, explaining that the government intended to move from economic stabilisation towards growth, industrial expansion and job creation.
The programme was subsequently brought into focus at the October 16, 2026, sod-cutting ceremony for the Afienya Industrial Park, a proposed 1,238-acre industrial development expected to accommodate more than 120 enterprises across sectors including agribusiness, textiles, automotive assembly and pharmaceuticals.
Dr Boako, however, questions the financing and implementation details behind the New Economy agenda, arguing that government must move beyond headline announcements and demonstrate how the promised resources will be raised and deployed.
He also challenges the administration to explain the relationship between the New Economy Programme and the Big Push, particularly where the two initiatives involve substantial public and private investment commitments.
While the government has presented the New Economy as a four-year investment framework across seven economic sectors, the opposition figure insists that the public deserves detailed information on the funding sources, investment partners, institutional responsibilities and accountability arrangements.
Teachers’ unpaid salaries become the political ammunition
Dr Boako has connected his criticism of the investment announcements to the difficulties experienced by teachers over promotion placements, salary adjustments and outstanding arrears.
He argues that the government’s ability to mobilise billions of dollars for major development programmes must be assessed alongside its capacity to resolve relatively modest salary-related obligations affecting public-sector workers.
He cited concerns involving promoted teachers who had not received their corresponding salary adjustments, newly recruited teachers who experienced delays in receiving their salaries, and post-retirement faculty members at Kumasi Technical University who reportedly faced prolonged payment difficulties.
The concerns became a major industrial relations issue in September 2026 when the Ghana National Association of Teachers (GNAT), the National Association of Graduate Teachers (NAGRAT) and the Pre-Tertiary Teachers Association of Ghana (PRETAG) declared a nationwide strike over promotion arrears, salary placements and other conditions of service.
The industrial action began on September 25 after the unions said prolonged delays and unfulfilled commitments had left them with no option but to withdraw their services.
However, the government and the relevant institutions disputed aspects of the payment situation and provided explanations about the documentation required to process the outstanding cases.
The Controller and Accountant-General’s Department disclosed that it had received completed documentation for only 6,079 of the 58,620 promotion cases expected from the Ghana Education Service as of September 22. It said the cases received had been processed and paid, while the remaining cases required the necessary documentation from the employer before they could be validated and placed on the payroll.
The unions eventually suspended the industrial action on October 9 following engagements with the Fair Wages and Salaries Commission and other government representatives. The parties reached understandings on outstanding allowances and arrears, with payment timelines communicated to affected teachers.
The developments provide an important qualification to Dr Boako’s argument: although the salary delays and industrial action were documented, the government’s position was that incomplete documentation had contributed to the outstanding cases, rather than an outright refusal to pay all affected teachers.
Nevertheless, Dr Boako maintains that the delays expose a contradiction between the government’s ambitious investment announcements and the difficulties encountered in meeting existing financial obligations to public servants.
Demand for accountability over the US$10 billion commitments
The Tano North MP argues that the repeated announcements must now be accompanied by verifiable financial and implementation records.
He wants government to account for the previous projects and explain the actual funding arrangements behind the current programmes, rather than relying on consultations, projected investment figures and public announcements.
His criticism raises questions about whether the Big Push and New Economy programmes have separate funding structures, how much of the proposed investment has been secured, the extent of private-sector participation and the mechanisms through which Parliament and the public will monitor expenditure.
The government, for its part, has presented the New Economy Programme as a four-year investment framework targeting seven priority sectors, while the Big Push is being promoted as a five-year infrastructure programme.
The two initiatives are therefore presented by the administration as distinct development frameworks, although their combined financial commitments and implementation arrangements remain subjects for public scrutiny.
For Dr Boako, the issue is not simply the size of the figures being announced but whether the projects will translate into completed infrastructure, employment opportunities and measurable improvements in the lives of Ghanaians.
He has urged the government to account for the STX housing project and other previous commitments while providing detailed explanations of how the latest US$10 billion programmes will be funded.
