The economy, citizens’ welfare will be major deciding factors in Ghana’s election – Deloitte
Published:
3 months ago
Source:
3News
File
Around 50 countries across the world are heading to the polls this year-or have already done so-including West African countries, Deloitte has said. In the case of Ghana, which will go to the polls on December 7, 2024, Deloitte said the current state of the economy and citizens' welfare will factor heavily into how voters evaluate campaign promises and determine the next leader of the nation, an economy heavily dependent on cocoa and gold.
"The election outcome will weigh on policy direction, as well as investor and market sentiment," the international accounting and auditing firm said in its West Africa economic outlook, August 2024 report. This comes in the wake of projections that high inflation and exchange rates, currency weakness, and increasing debts will persist in West Africa, especially in Ghana and in Nigeria, for the rest of 2024. Deloitte notes that West Africa's macroeconomic environment has remained challenging due to several factors, prominent ones being high inflation, a high interest rate environment, currency weakness, and elevated debt levels. As a result, Deloitte said, consumers will likely face further declines in purchasing power, and businesses are likely to experience higher operating costs.