AFTERMATH OF THE 2016 GENERAL ELECTION: WILL IT HAVE ANY EFFECT ON THE ECONOMY?

Nana Addo dankwa Akufo-Addo has been declared winner and president-elect after the general elections held on 7^th December, 2016. There was widespread jubilation across the country and especially among supporters of the New Patriotic Party; the party that is mandated by law to take over office from the Mahama-led administration on the 7^th of January next year. Prior to the elections, the then opposition NPP accused the incumbent NDC of mismanaging the economy. The NPP accused the government of causing a plummet of our once-vibrant economy that they took over from the erstwhile Kuffour administration.

Coupled with their accusations of gross mismanagement, the NPP accused the NDC government of widespread incompetence and corruption. As a matter of fact, corruption and scandals took centre stage during this year’s election. The NPP canvassed for votes with the promise of turning Ghana’s economy around because they deemed themselves better managers of the economy and they touted Kuffour administration’s as their enviable track record.

Elections are now over and the onus now lies on the NPP to deliver on their promise of transforming the economy. Inflation is on the high side and the national currency seems to be fluctuating in terms of strength when it is marched against other trading currencies.

However, it would be interesting to note that after Nana Addo dankwa Akufo-Addo was declared winner of the elections, sale of party paraphernalia has shot-up drastically. To add to that, the celebratory mood has triggered high spending in many industries including food and drinks, transportation, accommodation, telecommunication and leisure activities. 

These activities in no small way would contribute to help the ailing economy the NPP is supposed to take over come from the NDC administration. Christmas festivities are just around the corner and should the markets continue the way they are going now, improvements would be recorded come the end of the year.

It is early days yet but it seems the change of government has not yet caused any turbulent shocks to the economy unlike what happened to the stock markets in America for a number of days after Donald Trump was adjudged the winner in the recent elections.

We are yet to see the economic strategies of the new government put to full force after January 7^th. A transition committee has already been set up and as it stands, government has finished its handing over notes. In the coming days, the new government would appoint the person who would manage the country’s finances in the Akufo-Addo-led government. It is therefore not far from truth to say that the economic prowess of the new NPP government are yet to be put to the test.

AEP