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(Ecofin Agency) – With Ghana’s presidential election on December 7, 2024, fast approaching, the race is set to be intense. The country’s struggling economy is at the heart of the battle between the top political parties.
On August 24, 2024, the National Democratic Congress (NDC), the main opposition party in Ghana, unveiled a plan to inject $10 billion into the economy if they win the election.
Cassiel Ato Forson, the NDC’s parliamentary leader, announced that the plan aims to restore Ghana’s position as the second-largest economy in West Africa, a position it lost to Côte d’Ivoire in 2022. Forson noted that Ghana’s fall from this top spot was due to insufficient investment and ineffective economic policies.
The stimulus package includes several key initiatives, such as developing projects in the petrochemical and mining industries, constructing a transformative road transport network, and revitalizing cocoa and oil palm plantations.
The NDC also plans to introduce a new work schedule of 3 x 8 shifts (three teams rotating every 24 hours) to create more jobs. Companies will be encouraged to adopt this system through incentives, aiming to tackle the current unemployment rate of about 15%.
Former President John Dramani Mahama is running for the NDC, having lost to Nana Akufo-Addo in the 2016 and 2020 elections. He will face the current Vice President, Mahamudu Bawumia, representing the ruling New Patriotic Party (NPP). The NPP and NDC dominate Ghana’s political landscape, each with strong regional support.
President Akufo-Addo will step down after the election, having completed the maximum two terms allowed by the Constitution. The upcoming election is anticipated to be highly competitive amid ongoing social tensions and economic challenges, including a severe economic crisis, debt restructuring, and painful austerity measures under an IMF-supported reform program.
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