As Ghana nears another crucial election, the manifestos of the two main political parties—the New Patriotic Party (NPP) and the National Democratic Congress (NDC)—are once again under scrutiny.
While these documents are often filled with grand promises designed to win the hearts and votes of Ghanaians, there is a stark reality behind these pledges that must not be overlooked: the cost of implementation and the financial strain it will impose on the country.
Dr. Kwame Asiedu Sarpong, a Democracy and Development Fellow in Public Health at the Ghana Centre for Democratic Development (CDD-Ghana), in a recent statement outlined a rough calculation of the healthcare costs made in the NPP and NDC manifestos.
Using a baseline population of 34 million for 2024 and an annual growth rate of 2.1%, his findings are alarming.
“The calculation suggests irrespective of who wins they need to find between US$3.48 billion and US$4.63 billion to fulfil their health social contract. This means if they are truthful, they more than likely are committing to increase our public debt moving forward”.
Dr Kwame Asiedu Sarpong, D&D Fellow in Public Health at the Ghana Centre for Democratic Development (CDD-Ghana)
According to Dr Sarpong, this staggering amount is set against the backdrop of a November budget that already has a deficit of approximately GHC61 billion (US$3.9 billion).
The Democracy and Development Fellow in Public Health at the Ghana Centre for Democratic Development further questioned how the two parties will operate under an International Monetary Fund (IMF) program, with limited fiscal space.
He inquired about the country’s exclusion from capital markets, and a depreciating Cedi, where the two political parties find the resources to cover these costs when elected into power, calling for transparency from political leaders on their financial strategies.
Dr Theo Acheampong’s Critique
Echoing these concerns, Dr Theo Acheampong, a Political and Economic Risk Analyst argued that Ghana’s current fiscal space cannot support the ambitious promises made by the ruling New Patriotic Party and the opposition National Democratic Congress.
“You realize that these manifesto promises would have a big impact on the fiscal space, and there is actually no money lying around to fund some of their promises without borrowing from the international capital market”.
Dr Theo Acheampong, Political and Economic Risk Analyst
In comparison to the 2020 general elections, Dr Acheampong noted that both parties have made even more promises this time around, adding that the NDC has 620 pledges, while the NPP has 380.
The senior fellow at the IMANI Centre for Policy and Education further pointed out that the manifestos of the two political parties lack comprehensive policies that are needed to spur growth and economic transformation.
He argued that the NDC’s promise of free primary healthcare alone would cost the country $1.7 billion annually and $7 billion over four years.
The pledges made in these manifestos, according to him, if fulfilled, could place an enormous financial burden on the country.
He warned that the government would have no choice but to raise taxes or borrow further to meet these commitments, leading to a potentially unsustainable fiscal situation.
“The manifestos must provide a clear benchmark related to specific sectoral outcomes for assessment,” he advised, emphasizing the need for political parties to consider the financial implications of their policy proposals.
The analysis from Dr Kwame Asiedu Sarpong and Dr Theo Acheampong paints a grim picture of Ghana’s economic future if current trends continue unchecked.
It is therefore crucial for all political parties in addition to other independent presidential candidates to back their promises with concrete, financially viable plans.
Political parties and presidential candidates must revisit their manifestos and provide clear, practical strategies for achieving their goals without overburdening the economy.
In a time when fiscal prudence is not just desirable but necessary, Ghana’s political leaders must step up to the challenge and present the electorate with honesty, clarity, and a sustainable vision for the future.
Ghanaians deserve transparency and accountability, especially when it comes to matters that will significantly impact the country’s fiscal health and future generations.
READ ALSO: Rema Donates N105 Million to Christ Embassy Church in Benin
