Economic unrest expected post Ghana election court verdict - CNBC Africa

Economic unrest expected post Ghana election court verdict

Western Africa

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“If it does not go in favour of the ruling government it might have a big toll on the Ghanaian economy. Then they need to look for extra income coming from a background of high fiscal deficit - we’d need to go back and look for funds to do fresh elections and all that,” Samuel Kofi Ampah, the head of research at Gold Coast Securities, told CNBC Africa on Thursday.

“That will be the trend which most investors will be looking at –this judgement, be it for the government or against the government.”   

The Ghanaian Supreme Court will deliver its final verdict on August 29, which was announced this week, after a panel of judges heard from Nana Akufo-Addo, the first petitioner and National Patriotic Party (NPP) candidate in the 2012 presidential election.

The Supreme Court also heard from the NPP’s Mahamadu Bawumia, the second petitioner and vice presidential candidate in the 2012 elections and the third petitioner, Jake Obetsebi Lamptey, who is the NPP chairman.

The petitioners are claiming that irregularities prohibited Akufo-Addo from earning 59.55 per cent of the votes, and the National Democratic Congress’s Mahama 39.17 per cent of the votes.

There are fears that the uncertain political climate is taking its toll on the Ghanaian economy. Ampah indicated that the activity on the stock market has slowed down slightly but he is confident that the country will stand behind the verdict on August 29.

“Most Ghanaians are expecting that this judgement does not steer the country into economic turmoil or political instability. We expect that the whole Ghanaian economy will accept that judgement in whose favour it goes, because investors are sitting on the fringes now.” 

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