Accra — This Sunday, December 7, the people of Ghana will go to the polls to elect a new President and National Assembly. This will be the second transfer of power between presidents through the democratic process and the fifth national election held since Ghana ended military rule in 1992. Meanwhile, in the past eight years, Ghana has become one of Africa's success stories.
Buoyed by good governance and stable economic policies, the country has averaged annual growth of more than five percent, invested in landmark programs in education and healthcare, achieved a sovereign credit rating of B+ and seen double-digit increases in inward and foreign direct investment. Added to this is the promise of a significant source of new revenue through the recent discovery of oil and gas offshore: the find is considered to be the most significant in more than a decade, potentially rivaling Nigeria and Angola's reserves.
After eight years of intensive reforms under President John Kufuor's administration, gross domestic product has expanded from U.S. $3.9 billion to more than $16 billion. Ghana has emerged as one of the most attractive places in West Africa to do business, according to World Bank indicators.
More importantly, it has become a premier African destination of foreign direct investment and a sought-after location for regional business operations. Ghana also has one of the highest-ranking indicator tallies from the U.S.-based Millennium Challenge Corporation (MCC), particularly in the areas of good governance, economic freedom, anti-corruption, the rule of law and human rights. For its progress, the country has been awarded a $547 million compact with the MCC. In addition, it successfully raised $750 million in a landmark debut Sovereign Eurobond issue in September 2007 which was four times oversubscribed.
The lesson of Ghana's recent history is clear: responsible leadership and good governance matter, and can propel long-underdeveloped African nations closer to parity with world powers faster than anyone thought possible. Rwanda under President Paul Kagame, Liberia under President Ellen Johnson Sirleaf, Tanzania under President Jakaya Kikwete, Botswana under Presidents Festus Mogae and Ian Khama and Ghana under President Kufuor all now stand as prominent examples of the potential of African nations.
Ghana has worked hard to secure its place on this list. The challenge of the next administration in Ghana will not simply be to keep up the pace of reform set by the Kufuor administration, but to transform an economy more radically than has ever been achieved on the continent.
As the quality of life has improved, so too have the expectations of the relatively young population of 22 million. The core sentiment of the urban poor, particularly in Accra, the capital, is disconnection from Ghana's rapid progress, and a feeling of being left out of the gains. As in any developing nation in the midst of a stunning growth spurt, questions about the distribution of wealth and the management of resources abound.
As average Ghanaians watch the emergence of the new middle class, they ask: "What about me?" The middle class must be expanded through a rapid, inclusive and aggressive growth agenda. For both major parties in the presidential election, the biggest challenge is that many jobs need to be created, especially for the youth and university graduates.
The way forward must lie in reform-oriented policies and wealth created by innovation and investment in human capital. The question for Ghana, and others, is how fast it can get there, and who is the best leader to forge the way.
Nana Akufo-Addo of ruling New Patriotic Party leads in most polls, and has embraced a message of transformation and "Believing in Ghana." The largest opposition party, the New Democratic Congress founded by former President Jerry Rawlings, is led by Professor John Atta Mills, who in his third run at the presidency has also embraced the message of "change."
While there remains a vibrant debate about issues, no one in Ghana is debating the future of their democracy. Just as in most elections in Western nations, when the election results are announced on December 10, almost half the people will wake disappointed, but the population will welcome their new government and expect it to deliver on its promises. The people of Ghana will cast their ballots based on issues, not on personality, and they will hold that winner to increasingly high standards of governance and accountability.
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Despite some flawed and stolen elections in Africa in the past year, a core of responsible democratic nations is emerging. Ghana is becoming a leader in the region and on the continent again. Just as it did when it became free in 1957, its progress signals the birth of a hope-filled and democratic Africa - a continent moving forward.
Ken Ofori-Atta, an investment banker, is the first African fellow of the Aspen Institute's Henry Crown Program, co-founder of the Africa Leadership Initiative and a member of Yale University's Presidents' Council on International Activities.
