Ghana’s leading presidential candidates have unveiled competing plans to address the country’s deepening economic crisis as the December 7 election approaches. With President Nana Akufo-Addo set to step down after two terms, the race pits former President John Dramani Mahama of the National Democratic Congress (NDC) against Vice President Mahamudu Bawumia of the New Patriotic Party (NPP).
Ghana, once a stable economy in West Africa, has been grappling with severe financial hardships, culminating in a $30 billion external debt default last year. The crisis, driven by years of excessive borrowing, was worsened by the COVID-19 pandemic, global repercussions of the Ukraine conflict, and rising interest rates. In response, the government sought a $3 billion bailout from the International Monetary Fund (IMF) and is now restructuring its debt.
Mahama, who served as president from 2013 to 2017, has promised to scrap first-year university fees and cut taxes within his first three months in office. Speaking in Winneba, he pledged to combat corruption and recover misappropriated state assets. During his previous tenure, Mahama faced criticism for economic instability and alleged corruption, although he was not personally accused of wrongdoing.
Bawumia, an economist and former central banker, has outlined plans to simplify the tax system, reduce the number of ministers, and slash public spending by 3% of GDP. He also promised to provide digital skills training to one million young people to improve their job prospects. Addressing journalists in Accra, Bawumia emphasized the need for fiscal discipline and economic reform.
Both candidates hail from northern Ghana, a region traditionally dominated by the NDC but where the NPP has recently made significant inroads. As the campaign heats up, voters will be weighing the candidates’ promises against the backdrop of Ghana’s most severe economic downturn in a generation.
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