The Professor voiced deep concerns about the growing infiltration of money in Ghana's political system, labeling it a severe threat to democracy.
He warned that this trend results in the election of unsuitable leaders and erodes the integrity of the democratic process, calling for urgent reforms to address the issue.
In an interview with Joy's AM Show, Prof. Atuguba highlighted the detrimental effects of borrowed funds on political campaigns, stating, "When a person or a party borrows money, nationally and internationally, to run a campaign, they are essentially going to bed with investors, and the investors will come to collect immediately after you are installed as President."
He emphasized that this dynamic skews governance towards serving the interests of financial backers rather than the electorate.
The Dean pointed out that the repayment of these debts to investors distorts the allocation of state funds, with priorities often geared towards meeting financial obligations rather than addressing the needs of the populace.
He noted, "The second priority is to build a war chest for your next election. And by then people are going to expect more because you have been in the seat for four years."
This, he said, perpetuates a cycle of corruption and mismanagement in governance.
Prof. Atuguba also raised concerns about the criminal nature of these syndicates, which forces political parties to allocate resources to legal, financial, and media defenses, diverting attention and resources away from public welfare.
He warned that unless there is a fundamental change in the financing of elections, Ghana will continue to face these challenges.
The Dean stressed the urgent need for reforms to ensure that governance is driven by the needs of the people, rather than the interests of wealthy investors.
He called for a review of the architecture of election financing to promote transparency, accountability, and the integrity of Ghana's democratic process.
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Prof. Raymond Atuguba