Ghana’s Mahama Resumes Power After Eight Years in Opposition

(Bloomberg) — John Mahama was inaugurated as Ghana’s president on Tuesday, returning to the office he held eight years ago following his commanding victory in December elections.

Mahama, 66, trounced the ruling-party’s candidate Mahamudu Bawumia amid voter anger over economic hardship exacerbated by Ghana’s 2022 sovereign-debt default. He clinched 56.6% support in a country where the margin between the two main political parties have previously been very slim.

“I am honored and humbled to accept the mantle of the president of the republic of Ghana,” Mahama said in his inauguration speech in the capital, Accra. “I’ll have the humility and presence of mind to take responsibility for any challenges and be willing to act firmly and timeously to resolve the challenges that we have as a nation.”

His running mate, Naana Jane Opoku-Agyemang, a former education minister, was also inaugurated as Ghana’s new vice president on Tuesday, making her the first woman to hold the office.

The new administration faces the daunting task of steadying an economy beset by crippling debt and high living costs. Unemployment among younger Ghanaians is running above 20%.

Once an investor darling, Africa’s top gold producer is just starting to recover from economic crisis, after seeking a $3 billion bailout from the International Monetary Fund. Inflation peaked at 54.1% in December 2022 and has exceeded 20% for more than two years.

Mahama, who led the country for five years until early 2017, said he would focus on restoring and stabilizing the economy, improving the business and investment environment, making the government more effective and accountable, and tackling corruption.

“There is every reason for hope,” he said.

Mahama’s National Democratic Congress is currently one seat short of a two-thirds majority in parliament, having won 183 out of 276 seats so far, according to the electoral commission. If the party wins a constituency where results are being collated for a second time following a legal dispute, it will secure the so-called super-majority, enabling it to push its legislative agenda unopposed.

(Updates with comments from Mahama’s inauguration speech in third paragraph)

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