Ghana, often considered a model of democracy in West Africa, is gearing up for its presidential elections in December 2024. The political environment is charged, as economic hardships and widespread dissatisfaction with traditional parties dominate the discourse.

Key Candidates in the Race

• John Dramani Mahama: The former president and candidate of the opposition National Democratic Congress (NDC) seeks a return to power. Mahama is campaigning on promises to tackle unemployment, reform economic policies, and rebuild public trust.
• Current President Nana Akufo-Addo: Serving his second term as leader of the New Patriotic Party (NPP), Akufo-Addo is not eligible for re-election, leaving the NPP’s candidate yet to be officially announced. The administration faces criticism over the handling of Ghana’s economic challenges.

Economic Landscape

Under President Nana Akufo-Addo, Ghana has faced a series of economic hurdles, including:

• Inflation: Ghana’s inflation rate soared to over 43% in 2023 before easing to around 30% in mid-2024.
• Debt Crisis: The national debt has surpassed 70% of GDP, prompting bailout negotiations with the International Monetary Fund (IMF).
• Unemployment: Youth unemployment remains alarmingly high, with approximately 12% of the population aged 15-24 without jobs.

While Ghana has taken steps to stabilize its economy, such as cutting public spending and restructuring debt, recovery is slow. The government is banking on increased investment in agriculture and digital technology as pillars for future growth.

Implications for Pan-African Cooperation

Ghana’s economic direction could significantly impact regional partnerships. As one of the largest economies in West Africa, Ghana plays a pivotal role in the African Continental Free Trade Area (AfCFTA). Strengthening its economic base could encourage other nations to deepen trade integration, enhance regional infrastructure, and create a more resilient West African economy.

The upcoming election will determine whether Ghana stays the course or pivots toward a new leadership style and policies. For Pan-African nations, Ghana’s ability to navigate its economic recovery will serve as a critical indicator of regional economic stability.

Stay tuned as we follow developments leading up to December 2024.