(Bloomberg) — Ghana’s opposition leader John Mahama is poised to win Saturday’s presidential elections after voters punished the ruling party for failing to manage a crushing debt burden and the fastest pace of inflation in more than two decades.
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The ruling New Patriotic Party’s candidate, Mahamudu Bawumia conceded defeat in a televised briefing. Mahama, 66, won 51.2% of the votes tallied so far, Joy News television channel reported. The candidate of the National Democratic Congress has pledged to create jobs, cut taxes and make it easier to do business in Africa’s biggest gold producer.
Surging prices of staples such as banku — a dough made of fermented corn and cassava, as well as plantain and rice played a crucial role in the ruling New Patriotic Party’s defeat. During President Nana Akufo-Addo’s second term, inflation accelerated to 54.1%, debt jumped to 761 billion cedis ($51.2 billion) and the currency weakened 61%, raising the cost of imports.
With Akufo-Addo stepping down after serving two terms, his deputy and the party’s presidential candidate, Bawumia, had to bear the brunt of voters’ anger.
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The NPP garnered 51% support in 2020, down from 54% four years earlier, after backing down on its pledge to tackle corruption and undertaking a banking sector cleanup that cost the state about $1.9 billion. The closure of hundreds of financial institutions also led to thousands of job losses.
–With assistance from Yinka Ibukun.
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