With the US presidential election in the spotlight, another important election is on the horizon that may have significant implications for both Ghana, and the broader West African region. In October 2024, Ghana will undergo a closely contested race to elect a new president. As EU analysts and policymakers vigilantly observe the outcomes, the stability and economic recovery remain paramount concerns for voters.
Presidential Candidates: Contrasting Approaches
Ghana’s ruling New Patriotic Party (NPP) has selected Mahamadu Bawumia, the current vice president and a technocrat with a background in economics, as its candidate. Conversely, John Dramani Mahama, a charismatic populist who previously served as Ghana’s president from 2012 to 2017, represents the opposing National Democratic Congress (NDC). These two candidates embody conflicting ideologies and approaches to governance, making the upcoming election particularly crucial for Ghana’s stability and growth.
Regional Stability: Ghana as a Beacon
Within the West African region, Ghana has maintained a remarkable degree of stability under President Nana Akufo-Addo’s leadership. In contrast to the recurring political turmoil and coups witnessed in neighboring countries, Ghana has been a consistent pillar of stability. However, the rise of Islamic extremism in the region has created additional concerns, as weakened administrations have left opportunities for criminal activity and territorial control by extremist groups. Ghana’s ability to quell these threats and safeguard its borders is of vital importance to the EU, who have voiced their support through various initiatives, including the recent armoured military vehicle assistance.
Migration Challenges and EU Implications
West Africa’s regional instability directly impacts the European Union. While irregular migration to the EU saw a significant reduction during the pandemic, the number of boats carrying migrants from North Africa has resurged. Guinea, one of the most common countries of origin for these migrants, has witnessed a substantial increase in arrivals, emphasizing the repercussions of instability on migration patterns. To address this issue, preserving stability in Ghana becomes fundamentally necessary to prevent further instability in the region and curb irregular migration flows.
Leadership Candidate Assessment
John Dramani Mahama’s leadership during his previous presidency raised concerns due to his prioritization of relations with non-aligned states, such as Iran, while disregarding the economic impact of global conflicts. Moreover, allegations of corruption within his government, including involvement with the Airbus bribery scandal, have tainted his reputation. In contrast, Mahamadu Bawumia’s technocratic and unblemished track record as an economist and central banker presents a promising alternative. Bawumia’s initiatives under the Akufo-Addo administration have been well-received, indicating his potential to bolster Ghana’s economy, attract investment, and stimulate growth.
The Importance of a Coherent Economic Plan
To maintain stability and ensure sustainable development, Ghana requires a consistent and coherent economic plan. It is crucial to address the needs of Ghana’s young voting population, providing them with increased opportunities and promoting inclusive growth. As GDP growth surpasses expectations and inflation begins to recede, Bawumia’s economic policies and commitment to digitalization offer hope for further progress. By focusing on a comprehensive economic agenda, Ghana can solidify stability and lay the foundation for prosperity.
Ghana’s forthcoming presidential election in 2024 holds significant consequences, not only for the country but also for the larger West African region and the EU. The choice between a technocratic leader like Mahamadu Bawumia and a populist figure like John Dramani Mahama will shape Ghana’s stability as well as influence migration patterns and security measures in the area. By emphasizing the importance of a coherent economic plan, Ghana can cement stability, promote regional growth, and ultimately contribute to a more secure and prosperous West Africa.
Market Capital Research 