Franklin Cudjoe, the President of IMANI Africa, has launched a scathing critique of the former New Patriotic Party (NPP) administration, accusing it of mishandling foreign direct investment (FDI) and diverting billions through corrupt contracts and nepotistic dealings.
Cudjoe’s biting remarks come amid revelations that Ghana secured only $618 million in foreign direct investment (FDI) in 2024, a figure he deems disappointing given the country’s potential and previous performance.
Drawing comparisons with international counterparts, he lamented that while “serious leaders are signing multi-billion dollar deals,” Ghana had spent eight years “signing away crooked deals to siphon off billions of cedis to friends and extensive family relations.”
His accusations were not limited to vague generalities. Cudjoe cited a case where “one man, a low-profile director, alone stole $7 million.”
He posed a troubling rhetorical question: “Imagine how much had been raided by the uncountable big men and women. Thieves!!”
Unsurprisingly, the commentary ignited political pushback. NPP stalwart, Kofi Ofosu Nkansah, responded in sharp defense of his party.
Taking to social media, Nkansah fired back, challenging Cudjoe to hold the ruling National Democratic Congress (NDC)—whom he accuses Cudjoe of favoring—to the same standards.
“Let’s see how much deals the NDC Government would sign. May they increase this year’s FDI to USD 50bn,” Nkansah retorted.
However, Cudjoe didn’t let the jab slide. He welcomed the suggestion, asserting that such an increase in foreign direct investment would, in fact, be beneficial to Ghana.
He then pivoted to criticize a past policy proposal under former Finance Minister Ken Ofori-Atta.
He noted that a $50 billion increase in FDI would have had greater real-world benefits than “the USD 50bn century bond Ofori-Atta planned to launch and add more odious debt to the one he and his cousin contracted and wasted on vanity projects like the $58m iconic hole.”
Mahama’s $13 Billion FDI Record Highlighted
Furthermore, Franklin Cudjoe referenced data he believes illustrates that significant FDI growth can be achieved with capable leadership.
He highlighted the first tenure of former President John Dramani Mahama, during which Ghana reportedly attracted an impressive $13 billion in foreign direct investment—described as the largest amount secured by any president in the Fourth Republic.
These funds, according to Cudjoe, were directed into vital sectors including oil, energy, and infrastructure, such as the now-celebrated Terminal 3 at Kotoka International Airport.
He argued that the real fruits of Mahama’s investments only began to materialize after the NDC left office in 2017, when power outages (popularly known as dumsor) subsided and Ghana experienced an economic upswing.
“Those positive growth figures, average 7%, were not due to the economic wizardry or dexterity of any team of special solid men. They were solely due to John Mahama’s far-sightedness.”
Franklin Cudjoe
He lamented that the subsequent NPP administration failed to build on this momentum.
Instead of leveraging the groundwork laid during the Mahama era, he contends, the government engaged in self-sabotaging behavior and pursued deals with little strategic value.
NPP’s Energy Policy Called a “Huge Joke”
Moreover, Franklin Cudjoe directed sharp criticism at the NPP’s management of Ghana’s energy sector, singling out the Aker Energy deal as poorly handled.
He accused key officials, including former Energy Minister John Peter Amewu, of failing to grasp fundamental economic principles and making serious miscalculations.
According to Cudjoe, the performance of Amewu and related agencies turned them into subjects of ridicule due to their inability to manage even the basics of the sector effectively.
Further, he characterized the succession of energy ministers under the NPP government, including Dr. Matthew Opoku Prempeh (NAPO), as ineffective.
“All the energy ministers since 2017, including NAPO, were just glorified local champions talking big with no substance. All they added was huge judgment debts.”
Franklin Cudjoe
Cudjoe’s commentary points to a broader frustration among some policy analysts who believe that Ghana has not fully capitalized on its natural resources and strategic economic sectors to attract meaningful and sustainable foreign direct investment.
The decline in FDI, from Mahama’s record-breaking $13 billion to just $618 million in 2024, is a stark contrast that underscores concerns about governance, strategic planning, and investor confidence.
As the debate between political factions heats up, Ghanaian citizens and investors alike are left to weigh the rhetoric against the results, asking whether the country will learn from its past or continue down what critics call a path of mismanagement and squandered opportunity.
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