{"id":261978,"date":"2024-12-07T06:55:26","date_gmt":"2024-12-07T06:55:26","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/12\/07\/ghana-holds-presidential-election-amid-rising-cost-of-living-crisis\/"},"modified":"2024-12-07T06:55:26","modified_gmt":"2024-12-07T06:55:26","slug":"ghana-holds-presidential-election-amid-rising-cost-of-living-crisis","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/12\/07\/ghana-holds-presidential-election-amid-rising-cost-of-living-crisis\/","title":{"rendered":"Ghana holds presidential election amid rising cost of living crisis"},"content":{"rendered":"<p><\/p>\n<div>\n<p>Ghanians are Saturday heading to vote in a presidential and parliamentary election amid hopes for an economic revival after the worst financial crisis in a generation, which led to a major debt default in the West African nation.\n<\/p>\n<p>Approximately 18.7 million out of Ghana\u2019s 34 million population are registered to vote.\n<\/p>\n<p>President Nana Akufo-Addo is stepping down next month after serving the two terms allowed by the constitution in Ghana, the world\u2019s second-largest cocoa producer and a significant gold producer.<br \/>Twelve candidates are vying to succeed him, but the race is seen as primarily between Vice President Mahamudu Bawumia, chosen successor of Akufo-Addo\u2019s New Patriotic Party (NPP), and former President John Dramani Mahama of the National Democratic Congress (NDC).\n<\/p>\n<p>Opinion polls have tipped Mahama, who served as president from 2012 to 2016, for a potential comeback.\n<\/p>\n<p>Polling stations open at 0700 GMT and close at 1700 GMT. Some provisional legislative results were expected by Saturday night and Sunday, while the presidential outcome is expected by Tuesday, although trends often allow an early prediction.<\/p>\n<p>Mahama, 66, has framed Bawumia as representing a continuation of policies that led to Ghana\u2019s economic woes, and has promised to renegotiate terms of a $3 billion IMF bailout secured last year to restructure the country\u2019s debts. The crisis peaked in 2022 when Ghana turned to the IMF.\n<\/p>\n<p>Read also: Ghana Election: Jonathan leads W\/Africa elders forum to Ghana\n<\/p>\n<p>\u201cI will fight corruption to restore integrity and fairness, two critical ingredients missing from our governance,\u201d Mahama said in closing campaign remarks in Accra\u2019s Madina neighbourhood on Thursday.<br \/>Bawumia, a 61-year-old former central banker, has highlighted Ghana\u2019s gradual recovery from the crisis, with economic growth surging by 6.9% year-on-year in the second quarter of 2024, the fastest rate in five years. He told supporters he will foster policies that will strengthen Ghana\u2019s recovery.<br \/>He has promised to simplify the tax system, halve the number of government ministers, and cut public spending by 3% of GDP if elected.<br \/>\u201cThe reason why we are going to win this election is because of the good work that we\u2019ve done as a government,\u201d Bawumia told cheering supporters at the University of Ghana campus during a final rally on Thursday.<br \/>Ghana\u2019s cedi currency has been strengthening, however high inflation and government debt sustainability remain a concern for investors.<br \/>\u201cThis election holds significant importance not only for Ghana but also for West Africa, where democracy is under scrutiny,\u201d Oxford Economics said in a research note.<br \/>Days before Saturday\u2019s election, Ghana\u2019s annual inflation rate jumped to a six-month high in November, a stark reminder of the economic hardships many are facing as they head to the poll.\n<\/p>\n<p>Consumer prices rose 23%, compared with 22.1% in October, Government Statistician Samuel Kobina Annim told reporters in the capital, Accra, on Wednesday.\n<\/p>\n<p>                            <!-- <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/businessday.ng\/wp-content\/uploads\/2023\/07\/Newsletter-webBanner2.jpg?w=1170&ssl=1\" class=\"newsletter-banner\"> --><\/p>\n<p>                            <span><span><\/p>\n<p><noscript><\/p>\n<p><img decoding=\"async\" border=\"0\" src=\"https:\/\/servedby.flashtalking.com\/imp\/7\/249648;8674159;205;gif;BusinessDayNetwork;ZohoBusinessdayNG300x250\/?gdpr=${GDPR}&amp;gdpr_consent=${GDPR_CONSENT_78}&amp;us_privacy=${US_PRIVACY}\"\/><br \/><\/noscript><\/p>\n<p><\/span><\/span>                        <\/div>\n","protected":false},"excerpt":{"rendered":"<p>Ghanians are Saturday heading to vote in a presidential and parliamentary election amid hopes for an economic revival after the worst financial crisis in a generation, which led to a major debt default in the West African nation. Approximately 18.7 million out of Ghana\u2019s 34 million population are registered to vote. President Nana Akufo-Addo is [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":261979,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-261978","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Ghana holds presidential election amid rising cost of living crisis - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2024\/12\/07\/ghana-holds-presidential-election-amid-rising-cost-of-living-crisis\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ghana holds presidential election amid rising cost of living crisis - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"Ghanians are Saturday heading to vote in a presidential and parliamentary election amid hopes for an economic revival after the worst financial crisis in a generation, which led to a major debt default in the West African nation. 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