Ghana's opposition leader, John Mahama, is set to win the presidential elections, with 51.2% of the votes reported, as the ruling New Patriotic Party's candidate, Mahamudu Bawumia, concedes defeat. Voters expressed dissatisfaction with the government's handling of a severe debt crisis and soaring inflation. Mahama has promised to create jobs, reduce taxes, and improve the business environment in the country.
Ghana is set to hold presidential and parliamentary elections amid hopes for economic recovery following a severe financial crisis. Vice President Mahamudu Bawumia of the ruling New Patriotic Party faces off against former President John Dramani Mahama, with polls indicating a potential comeback for Mahama. Approximately 18.7 million voters are registered, and results are expected soon after the polls close.
Ghana's ruling party faces potential defeat in the upcoming election despite a $3 billion IMF bailout and public debt restructuring. While the national balance sheet has improved, citizens grapple with a 60% depreciation of the cedi since 2022, soaring living costs, and new taxes impacting businesses.
Ghana's annual inflation rate surged to 23% in November, marking a six-month high just days before the country's elections. This increase is up from 22.1% in October, as reported by Government Statistician Samuel Kobina Annim in Accra.
Ghana has secured a $360 million disbursement from the International Monetary Fund following a successful third review of its extended credit facility. This approval by the IMF’s Executive Board increases the total funds received to $1.92 billion out of a $3 billion program initiated in May last year.
The Bank of Ghana has decided to maintain its benchmark interest rate at 27%, citing improvements in domestic economic activity alongside a slow pace of disinflation. Governor Ernest Addison announced the decision, which aligns with the expectations of half of the economists surveyed by Bloomberg.
Ghanaians will head to the polls on December 7 to elect a new president and parliament. Investors are closely monitoring the election, as the outcome will significantly influence the direction of an economy that is recovering from a debt default.
The Bank of Ghana's Governor, Dr. Ernest Addison, asserts that a resilient banking industry foundation has been established, bolstered by measures to address emerging risks like technological disruptions and climate vulnerabilities. Despite improvements in asset growth and capital adequacy, challenges such as rising non-performing loans and financial fraud persist, necessitating stronger internal controls and ethical practices. Industry leaders emphasize the need for collaboration and ongoing education to navigate the evolving financial landscape effectively.
Ghana's cedi appreciated for the second consecutive day, gaining 0.2% to 16.3302 per dollar in Accra. This rise follows the Bank of Ghana's sale of $214 million to the market through two- and seven-day contracts, aimed at strengthening the currency.
Ghana's presidential favorite, Mahama, has expressed intentions to renegotiate the $3 billion IMF deal. He emphasized the need to explore refinancing options to ease the burden of debt repayments, aiming for a smoother financial trajectory for the country. [Source](https://www.bloomberg.com)
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