The authors go on to illustrate that the remaining 20 cents of loan monies are used to finance white elephant projects, «ghost» projects» (i.e. fictitious roads, schools, soldiers, etc.), government salaries, ineffective development and infrastructural projects or it leaves the country through capital flight within the coming years — leaving little to nothing of actual development monies for the citizenry of these countries. (blog.politics.ox.ac.uk)
Besides inflating the largest real estate bubble in world history, this massive infusion of debt also financed many white elephant projects, such as useless infrastructure and excess steel, automobile, and cement factories. (fortune.com)
Nkrumah was building industries, he wanted Ghana to become self - reliant, some of the same accusations that he was driving Ghana into debt, that Akosombo was unnecessary, that he was busy doing white elephant projects, and all that. (ghanapoliticsonline.com)