The first syllable, which has the main stress, rhymes with “moon”, “soon”, and “noon”; the second sounds like the word “dog”. The final “e” is silent. This is an informal word mostly used in American English. When you refer to an organisation as a “boondoggle” what you mean is that it is a white elephant. It wastes a lot of public money and does not achieve anything significant. “Boondoggle” is also used to refer to complicated official activities that are a waste of time.
*The newspaper has brought to light another one of those government boondoggles.