Ghana’s Presidential Election: A Turning Point Amid Economic Hardship

By Aminu Adamu

Ghanaians cast their votes on Saturday to elect a new president, a momentous event that signals a turning point for the cocoa-rich West African nation. With an economy battling inflation, currency depreciation, and high unemployment rates, the polls have become a referendum on the nation's economic trajectory. Citizens have expressed their frustrations and hopes, setting the stage for a contest deeply intertwined with the country's financial health and its impact on everyday lives.

Over the past few years, Ghana’s economy—once hailed as one of Africa’s fastest-growing—has faced significant setbacks. Inflation reached unprecedented levels, hovering around 40% in 2023, driving up the cost of basic goods and services. The Ghanaian cedi, which depreciated by nearly 50% in value over the past two years, has eroded the purchasing power of citizens, pushing many below the poverty line.

The International Monetary Fund (IMF) approved a $3 billion bailout package in 2023 to stabilize the economy, but its implementation has been fraught with challenges. Government austerity measures, including tax hikes and cuts in public spending, have sparked protests and further alienated citizens. The public debt—which stood at 84% of GDP in 2024—remains a pressing concern, limiting the government’s ability to invest in infrastructure and social programs.

The agricultural sector, particularly cocoa production, has been a cornerstone of Ghana’s economy, contributing significantly to GDP and employment. However, fluctuating global prices and climate-related challenges have hindered growth in this sector. Meanwhile, the country’s burgeoning oil and gas industry has yet to deliver the transformative economic benefits many had hoped for.

For the average Ghanaian, these economic challenges have manifested in stark ways. Prices of essential commodities such as bread, fuel, and medicines have skyrocketed, straining household budgets. Small business owners, who form the backbone of Ghana’s informal economy, have struggled to stay afloat due to high operational costs and limited access to credit.

Youth unemployment remains alarmingly high, with over 30% of young people lacking job opportunities despite possessing formal education. This has led to a growing sense of disillusionment among the youth, who make up a significant portion of the electorate. Many see the elections as a chance to demand better governance and accountability.

"The cost of living is unbearable," said Ama Boateng, a 34-year-old mother of two in Accra. "We need a leader who can fix the economy and create jobs. Our future depends on it."

The two frontrunners in the presidential race, incumbent President Nana Addo Dankwa Akufo-Addo and opposition leader John Dramani Mahama, have outlined contrasting visions for Ghana’s future. Akufo-Addo’s campaign has focused on continuity, touting his administration’s efforts to stabilize the economy and attract foreign investment. However, critics argue that his policies have disproportionately favored the elite while leaving ordinary citizens to bear the brunt of economic hardship.

Mahama, on the other hand, has promised sweeping reforms aimed at reducing inequality and stimulating economic growth. His manifesto highlights increased support for small businesses, a comprehensive plan to tackle youth unemployment, and a review of the IMF agreement to ease the burden on citizens.

"This election is about change," Mahama declared at a recent rally in Kumasi. "Ghanaians deserve a government that listens, understands, and delivers."

As polling stations opened across the country, long queues formed early, reflecting the determination of Ghanaians to have their voices heard. The Electoral Commission of Ghana ensured a smooth voting process, with stringent measures to prevent electoral fraud.

Observers from the African Union and other international bodies commended the peaceful conduct of the elections, a testament to Ghana’s reputation as a beacon of democracy in the region.

However, the high stakes and deep divisions among supporters of the leading candidates underscored the tense atmosphere.
Preliminary results indicate a close contest, with both Akufo-Addo and Mahama receiving substantial support in their respective strongholds. Urban areas, particularly Accra and Kumasi, leaned toward Mahama, driven by dissatisfaction with the incumbent’s handling of the economy. Rural regions, where agricultural subsidies and development projects have had a tangible impact, showed stronger support for Akufo-Addo.

The youth vote is emerging as a decisive factor, with many young Ghanaians favoring Mahama’s promises of job creation and educational reforms. Women’s groups have also played a pivotal role in mobilizing voters, emphasizing issues such as healthcare access and gender equality.

Regardless of who emerges victorious, the next president of Ghana will face the daunting task of addressing the economic challenges that have dominated the campaign. Immediate priorities will include stabilizing the cedi, curbing inflation, and implementing policies to create sustainable jobs.

International relations will also be crucial, as Ghana seeks to navigate its IMF program while attracting foreign direct investment. The new leader will need to rebuild public trust and foster unity in a nation grappling with economic and social inequalities.
For citizens like Kwame Asiedu, a 28-year-old teacher in Takoradi, the election represents a glimmer of hope. "We are tired of empty promises," he said. "Whoever wins must deliver real change. Ghana deserves better."

As the final results are tallied, Ghanaians and the world await the announcement of the next president. This election marks not just a choice between two leaders but a broader reflection of the nation’s aspirations and challenges. With the economy at the forefront, the new administration’s success will hinge on its ability to translate campaign promises into tangible improvements in the lives of citizens.

The road ahead will not be easy, but Ghana’s resilience and democratic spirit offer hope for a brighter future. The new president faces the monumental task of restoring economic stability, fostering inclusive growth, and reaffirming Ghana’s place as a model of democracy in Africa.