With Ghana’s general elections fast approaching on December 7, 2024, the nation’s economic challenges are shaping the political discourse. Approximately 18.77 million voters are expected to head to the polls, but economic uncertainty is dominating conversations, leaving many undecided about their choice.
The country is grappling with inflation, which stood at 22.1% in October, driven by rising food prices and a depreciating cedi, which has lost over 20% of its value against major currencies this year.
The Domestic Debt Exchange Programme (DDEP), implemented as part of an IMF-backed plan to stabilize public finances, has further strained trust in economic management. This restructuring of government bonds has left retirees and investors facing reduced yields and longer repayment schedules, amplifying frustrations among citizens.
Ghana’s debt-to-GDP ratio remains concerning at 74.6%, with public debt reaching GHS 761 billion as of October. The country’s external reserves, currently at $7.89 billion, provide only 3.5 months of import cover, underscoring the fragile state of the economy.
Moreover, non-performing loans in the banking sector hover at 22.7%, reflecting deeper systemic issues that impact businesses and households alike.
The political stakes are high. The ruling New Patriotic Party (NPP) touts measures to stabilize the economy, including maintaining a 27% monetary policy rate and supporting key industries to drive growth. The opposition National Democratic Congress (NDC), led by John Dramani Mahama, has capitalized on public dissatisfaction, promising an overhaul of fiscal management and initiatives to ease the cost of living.
Despite these promises, the mood among some voters is one of skepticism and frustration. Many citizens openly express doubt about which party can deliver tangible solutions to Ghana’s economic woes. Public conversations reveal a significant portion of voters are still undecided, uncertain whether either major party has the capacity to effectively navigate the nation out of its current crisis.
In interviews with The High Street Journal, Josephine, a voter, highlighted her considerations, saying, “I know who I will vote for, but my decision was influenced by how their policies will impact me, the aged in my community, and entrepreneurs. I also looked at the feasibility of their proposals and the ability of their running mates to handle economic challenges.”
She added, “Some people, many of course I believe still have not decided because the messages from the politicians don’t seem to show how the policies will directly improve our lives in practical terms.”
Swaalah, another voter, however, raised doubts about the viability of these promises. “The policies sound good, but they are vague and lack details on cost and strategy. With the IMF and liquidity challenges, it’s hard to see how they can fund these ideas,” he noted. “They may or may not have the capacity to solve the problems, but it’s the willingness and clarity that we doubt.”
These sentiments reflect a growing uncertainty among voters, who are weighing promises against practicality and trust in leadership.
Bright Simons aptly captures this sentiment in his recent analysis on X (formerly twitter), posing the question, “Assuming you intend to vote in the December 7th elections in Ghana but you are still undecided, is there any analysis about anything at all that I can offer here that could be useful as you make up your mind in the last few days remaining?”. This encapsulates the widespread indecision among voters.
This indecision is not unique to Ghana but is a pattern seen across elections globally, where many voters only decide during the campaign or even on election day.
Polling data from other contexts reveals interesting trends. For example, in some elections elsewhere in Europe, 19% of voters decide in the last couple of days, while 11% only make their choice on voting day. These figures align with historical trends where late decision-making has been significant, with voters citing confusion, lack of trust, or overwhelming campaign rhetoric as factors.
In Ghana, the current economic crisis adds a layer of complexity to voter decisions. Many citizens feel torn between candidates, as public trust in political promises has eroded.
As election day approaches, this uncertainty may tip the scales, making these final days critical for both campaigns and voters alike.
