NAIROBI, Nov. 29 – Ghanaians head to the polls on Dec. 7 to elect a new president and parliament, with investors closely watching how the winner will manage an economy recovering from a historic debt default.
The main contenders to succeed President Nana Akufo-Addo, who steps down after two terms, are former President John Dramani Mahama and Vice President Mahamudu Bawumia.
Ghana has nearly completed a $13 billion debt restructuring as part of a broader plan to reduce debt by $4.7 billion and create $4.4 billion in cash flow under a $3 billion IMF programme set to run until 2026. Investors are assessing whether the new leader will sustain reforms needed to ensure economic stability.
Mahama, 65, who leads in several polls, has pledged to renegotiate IMF terms to secure more funding and implement a debt ceiling of 60–70% of GDP. During his previous term from 2012–2017, his administration was criticised for high inflation and power shortages amid increased borrowing for infrastructure projects.
Bawumia, 61, is running on a platform of fiscal discipline, economic digitisation, and plans to cap public spending at 105% of the prior year’s tax revenue. He has proposed directing 3% of GDP from public spending to private infrastructure projects.
The election comes amid ongoing challenges, including unemployment, rising inflation, and frequent electricity outages. The next government will also face tough decisions on policies affecting Ghana’s oil, gas, and cocoa sectors.
