As Ghana prepares for its presidential election on December 7, the country’s severe economic crisis remains a key issue on voters’ minds.
Retired police officer Emmanuel Amey-Wemegah, 63, represents many Ghanaians struggling with the aftermath of government bond restructurings.
After more than three decades of service, he invested his pension in government securities, only to find his savings severely impacted in 2023.
“The restructuring stole our money,” Amey-Wemegah said, his voice tinged with frustration.
His once-planned retirement now faces significant setbacks as he struggles with rising costs and reduced income.
Ghana’s economy has endured substantial hardship in recent years, exacerbated by the COVID-19 pandemic, the Ukraine war, and years of excessive borrowing.
Inflation surged beyond 54% in 2023, and the country’s debt soared from 63% of GDP in 2019 to 92.7% by 2022.
Public frustration is mounting as the government’s bailout agreement with the International Monetary Fund (IMF) required local bondholders, including Amey-Wemegah, to accept bond restructurings with longer maturities and lower yields.
In the wake of this crisis, the December election will see Vice-President Mahamudu Bawumia from the ruling New Patriotic Party contest against former President John Dramani Mahama of the opposition National Democratic Congress.
