In a scathing critique of the Akufo-Addo administration, renowned financial analyst and historian Scott Bolshevik has likened President Akufo-Addo to the infamous Mobutu Sese Seko of the Democratic Republic of the Congo, citing alleged corruption and mismanagement of state-owned corporations.
Bolshevik’s criticism comes amidst concerns over the state of Ghana’s state-owned enterprises, particularly Tema Oil Refinery (TOR), Ghana Cocoa Board (COCOBOD), and Ghana National Petroleum Corporation (GNPC).
“Why are all the state owned corporations in Ghana collapsing.
TOR , to Ghana Cocoa Board, and now GNPC.
“In 21st century I have never seen a corrupt government like this in Africa.
One day Akufo Addo will be remembered as corrupt as Mobutu Sisoku of Dr Congo,” he wrote.
TOR, once a cornerstone of Ghana’s energy sector, has been plagued by infrastructure decay, leading to reduced production capacity and increased maintenance costs. Financial challenges, including debt accumulation and inadequate funding, have further hampered its operations.
COCOBOD, according to the Minority in Parliament, is on the brink of collapse due to considerable indebtedness to banks. The 2024 budget anticipates a substantial loss of 2.6 billion Ghana cedis, raising fears of potential defaults on loan payments.
Meanwhile, GNPC faces an uncertain future as funding from the Petroleum Holding Fund (PHF) is set to cease after 2026, as mandated by the Petroleum Revenue Management Act (PRMA). PIAC has warned that without government support, GNPC may struggle to survive.
Mobutu Sese Seko, the former president of Zaire (now the Democratic Republic of the Congo), was notorious for his corruption during his rule from 1965 to 1997.
He amassed a vast personal fortune through embezzlement of state funds, often using the country’s treasury as his personal account.
He used this wealth to maintain his grip on power, enriching himself and his associates while the country suffered from widespread poverty and underdevelopment.
Mobutu’s rule was characterized by a lack of accountability, with little regard for the rule of law or democratic principles. His regime was marked by nepotism, cronyism, and a culture of corruption that permeated all levels of government.
On the contrary, you will be remembered for your poor judgement.