As Ghanaians prepare to head to the polls on December 7, the nation finds itself at a critical juncture. The upcoming presidential election, a showdown between Vice-President Mahamudu Bawumia and former President John Mahama, takes place against a backdrop of economic hardship that has left many citizens struggling. The management of the economy is poised to be a key issue as voters decide who will succeed outgoing President Nana Akufo-Addo.
A Legacy of Mixed Results
When Akufo-Addo swept into power in 2016, defeating incumbent Mahama, expectations were high. His historic victory was seen as a turning point, with many Ghanaians hopeful that he would deliver on promises to tackle corruption, stabilize the economy, and improve living standards. Eight years later, as his presidency draws to a close, the results are mixed.
On the positive side, Ghana has remained largely stable despite rising conflict in neighboring Burkina Faso. The discovery of new oilfields in 2019 boosted government revenues, enabling increased spending on social programs. Teachers and medical personnel saw their salaries rise, a welcome change from the previous administration’s stance. The banking sector also underwent a controversial but stabilizing purge.
Economic Woes Mount
However, critics argue that Akufo-Addo and Bawumia have steered the country into economic hardship, particularly in their second term. The cedi has been one of the world’s worst-performing currencies, and public debt has soared to over 70% of GDP. Despite being a leading producer of gold and cocoa, Ghana was forced to return to the IMF for another bailout in 2022, unable to meet its debt obligations.
Electricity blackouts have resurfaced, and illegal mining has spread across most of the country. Allegations of corruption and nepotism continue to dog the administration, with several of the president’s relatives and ruling party officials appointed to key positions. Even some of the government’s accomplishments, like the free senior high school policy, have drawn fire for failing to translate into jobs for educated youth.
Whoever becomes the next president has their work cut out for them. We are seeing signs of economic recovery, but this is on the back of an IMF program. The challenge will be maintaining fiscal discipline once the program ends.
– Priscilla Baffour, Economics Lecturer, University of Ghana
A Tight Race Ahead
As the election approaches, polls suggest a tight race between Bawumia and Mahama. For the ruling NPP, a Bawumia victory would make history, installing Ghana’s first Muslim president. Mahama, meanwhile, is seeking a personal vindication after his 2016 defeat, aiming to prove he deserves another chance to lead.
Whoever emerges victorious will face the daunting task of steering Ghana out of economic crisis and delivering on the promise of a brighter future. According to a source close to the president, Akufo-Addo’s ultimate objective in his final days is to hand over a stable, secure democracy, cementing his legacy as a statesman in the mold of former President Jerry John Rawlings, who ushered in multiparty politics.
But for many Ghanaians, lofty political goals take a backseat to the daily struggle to make ends meet. At Makola market in Accra, trader Francisca Abbey laments the slow business, blaming the “bad economy” for the lack of customers. “Compared to 2016, things are much worse,” she says. “I used to run out of goods by midday.”
As the nation holds its breath for the election outcome, one thing is clear: Ghana’s next president will have no choice but to confront the economic hardships head-on. The path forward may be uncertain, but the stakes couldn’t be higher for the millions of Ghanaians hoping for a brighter tomorrow.
