The latest elections saw a significant defeat of the ruling party which was responsible for taking out a 3 billion IMF loan and implementing austerity measures.
Ghana's Electoral Commission declared on Monday, December 9, that former President and opposition leader John Dramani Mahama was the winner in the presidential election held on December 7, securing 56.55% of the vote, according to provisional results. The election marked a political comeback for the 66-year-old leader, who served as Ghana's president from 2012 to 2016. His rival, incumbent Vice President Mahamudu Bawumia, conceded defeat on Sunday, putting an end to the New Patriotic Party's (NPP) eight-year rule under President Nana Akufo-Addo. The election results could mark a shift in Ghana's politics, which today are shaped by the country's dire economic situation.
Read: Who is responsible for Ghana's debt crisis?
Many analysts believe that NPP's electoral defeat was a direct result of the deep economic crisis that unfolded under its governance. Ghana's economic challenges were marked by a catastrophic default on debt payments, which severely impacted the middle class and pensioners, leaving many citizens in financial despair. The youth, already facing bleak employment prospects, bore the brunt of government policies that prioritized excessive borrowing and over taxation. Amid the crisis, the Nana Addo government sought a USD 3 billion bailout from the International Monetary Fund (IMF), the second such bailout in just three years. The agreement for the bailout was finally signed in May 2023.
Read: Ghana's unions and left reject bailout talks with the IMF as economic crisis spirals
At the end of 2022, Ghana's public debt had swelled to USD 63.3 billion, equivalent to 88.1% of GDP. The spiralling debt burden consumed a staggering 70-100% of government revenues, leaving little fiscal space for development or relief measures. The Ghanaian cedi also lost more than half of its value against the US dollar.
The government provided no solutions for the economic conditions being faced by the population. In the past several years, inflation has soared to unprecedented levels, reaching 54.1% in December 2022. The inflation pressure was made worse by skyrocketing food prices, which surged by a staggering 122%. Ghana's poverty rate is now projected to rise to 31.5% of the population by 2025.
This economic backdrop was a major factor influencing voter sentiment that contributed to the electorate's decision to seek change in leadership. The extent of the defeat was striking. The vice president lost by nearly 1.7 million votes, and the party suffered a massive parliamentary collapse, with the opposition securing more than a two-thirds majority. This majority grants them control over legislation without major opposition. Ghanaians are hopeful for change and have placed great expectations on the incoming Mahama administration to usher in a new era of stability and progress.
As the country headed to the polls, the Socialist Movement of Ghana (SMG) provided a sobering reflection on the electoral process. The General Secretary of the SMG Kwesi Pratt urged Ghanaians to view voting as a hard-won gain from centuries of struggle for popular power but cautioned against treating elections as an end in themselves. "Voting alone cannot end the hardship, powerlessness, and strife we experience daily," the statement read, emphasizing the need for continuous efforts to expand public participation in decision-making and defend the integrity of the electoral process. The SMG also called for professionalism and impartiality from state agencies, including the Electoral Commission, police, and judiciary, to ensure a transparent and credible election.
The election also marked another historic moment with the election of Ghana's first woman Vice President, Naana Jane Opoku-Agyemang. Her victory, acknowledged by the Women's League of the Socialist Movement of Ghana, was hailed as a step forward for women's leadership in the country. In a congratulatory statement, the Women's League mentioned the systemic challenges faced by Ghanaian women under the previous administration, including policies that taxed sanitary products as luxury goods and decisions that adversely impacted women's health and well-being. The League expressed hope that Opoku-Agyemang's leadership would champion policies addressing the unique needs of working-class women and promote inclusivity.
Mahama's return to the presidency seems to have renewed hope and expectation, but significant challenges lie ahead. As he prepares to assume office, the spotlight will be on his administration's ability to tackle Ghana's economic woes, reduce unemployment, and implement policies that promote social equity. He has now unveiled his presidential manifesto, which includes an agenda for his first 120 days in office. Among the key areas of what he calls the social contract with the people of Ghana are plans for a national dialogue to discuss the true state of Ghana's economy and prepare a homegrown fiscal consolidation program to guide the budget. He also intends to scrap draconian taxes such as the e-levy to alleviate hardship and ease the high cost of doing business, education among other things that has excited Ghanaians.
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Ghana's elections once again demonstrated the resilience of the political engagement of its people. Yet, as the SMG's pre-election statement articulated, the work of building a just and equitable society extends beyond the ballot box. The fight for popular power, expanded public control, and genuine social transformation remains a continuing struggle that requires vigilance and active participation from Ghanaians.
Nicholas Mwangi is a member of the Ukombozi Library in Kenya.
