Ghana: Economy’s Top Determinant As Ghanaians Elect Recent President

As Ghanaians head to the polls to elect the high of the Cocoa-prosperous West African nation on Saturday, the disclose of the financial system rings across because the core determinant of who emerges as president.

When Theophilus Ntow, 25, resumed his ready job at a cafe in 2021, 20 Ghanaian cedis (about $4 at the time) would possibly per chance maybe well likely quilt the day’s transportation. As we snort time, the identical quantity has turn out to be insufficient for one-contrivance transport.

When PREMIUM TIMES requested Mr Ntow what his necessary divulge changed into once earlier than Saturday’s election, he mentioned, “economy.”

“The people of this country, including me, need change,” he mentioned, lamenting the dwindling alternate payment of the cedi to the buck. “The dollar rate was at Gh5 per dollar if I’m not mistaken, but it’s about Gh16 per dollar as we speak.”

The cedi, Ghana’s currency, has misplaced 70 per cent of its ticket in the final eight years.

As Ghanaians head to the polls on Saturday to elect the high of the cocoa-prosperous West African nation, the disclose of the financial system is viewed because the core determinant of who emerges as president.

Ghana’s financial woes peaked in 2022 when inflation reached 54 per cent, the very best in practically two decades. Within the identical year, the West African nation also defaulted on its external debts, main it to formulation the IMF for a $3 billion bailout.

Ato Micah, a Ghanaian businessman, echoed Mr Ntow’s issues about the financial system. “The impact of inflation and depreciation of the Cedi against major trading currencies has impacted consumer purchasing power, that is a concern.”

The World Monetary institution in 2022 mentioned as many as 850,000 Ghanaians would possibly per chance maybe well had been pushed into poverty thanks to the rising prices of items and services and products. This quantity joined the six million who had been already residing in poverty.

The Elections and key contenders

The November 7 elections will peek 12 candidates participate in the nation’s ninth presidential election since 1992.

Over 18.7 million registered voters will vote across over 40,000 polling stations.

Even supposing 12 candidates will likely be on the ballot, Saturday’s election will likely be, again, a two-horse scuttle between the ruling Recent Patriotic Celebration (NPP) and the Nationwide Democratic Congress (NDC), which has remained the first opposition occasion.

Whereas the NPP is fielding incumbent Vice President Mahamudu Bawumia, because the first Muslim to be a candidate of a critical political occasion since 1992 and the first non-Akan to lead the occasion, the NDC is fielding inclined President John Mahama.

The NPP has hinged its advertising campaign on continuity and a digital financial system. The ruling occasion is trying to receive a third term to consolidate what they claim is a resilient financial system. The occasion’s candidate, Mr Bawumia, is, on the different hand, confronted by the failures of his occasion and has the financial realities of the nation trailing him.

The opposition, on the different hand, insists that it’s time for a reset and has proposed a coverage that would possibly per chance incentivise businesses to scuttle for more than eight hours, that would possibly per chance, in turn, spur them to exhaust more other folks.

Mr Mahama has, on the different hand, been criticised for his performance as president (2012 – 2017), collectively with corruption allegations and the ‘Dumsor’ (an electrical energy crisis) that plagued the nation at the time.

Ghanaians love Yaw Okyere reveal that what the nation needs is “quality leadership to lead our country so that we can grow our economy, improve our standard of living, quality infrastructure to make life more comfortable, good governance that ensures the rights and safety of all Ghanaians.”

One other necessary determinant in the election is perchance the mining ‘galamsey’ crisis, which saw Ghanaians elevate to the streets in super numbers to command the air pollution of water bodies precipitated by indiscriminate mining practices. The present authorities has obtained backlash from citizens and environmental activists in the nation accusing it of complicity and refusal to curb the threat precipitated by the mining activities.

Imaginable Violence

Even supposing occasions safe signed the peace pact and Ghana has a historical previous of indifferent elections, there are issues about seemingly violence in this year’s election.

The electoral payment has also successfully-known a number of flash functions and deployed security to function determined a indifferent election.

Mr Ntow says that even though Ghana is acknowledged to be a indifferent nation, “I fear there may be disagreement at some point even with the final result. As it stands now, the opposition party still believes the sitting government rigged the last elections.”

Equally, Mr Okyere successfully-known the rigidity between the 2 predominant occasions and their foot troopers is a reason for divulge.

“NPP wants to remain in power and NDC has been in opposition for 8 years, which means their finances are draining out (incumbency), so they would want to win at all costs.”