The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Africa: Ghana’s power failure

The country’s last administration borrowed heavily from banks to sustain inefficient state-owned energy companies at the expense of the private sector – can the newly elected government repay the debt and get banks lending again?


March 6 marked 60 years of independence in Ghana. In Accra, Ghana’s capital city, thousands of people took to the streets in celebration. Ghana’s bright green, yellow and red flags adorned every building, street sign and tree. The celebrations also reflected a sense of optimism in Ghana after the election in December 2016 of Nana Akufo-Addo, leader of the New Patriotic Party (NPP), as president and the defeat of John Mahama of the National Democratic Congress (NDC). 

It was Akufo-Addo’s third attempt at the presidency. His persistence had paid off.

But Ghana’s optimism will only last if it is accompanied with economic change. Akufo-Addo pledged a shift in direction for Ghanaians struggling with higher taxes, power shortages and rising living costs that brought GDP growth in Ghana down to 3.6% in 2016 – the lowest in two decades. As one stallholder in Accra tells Euromoney: “No matter how great democracy is, it doesn’t put food on the table.”

“Being independent means you have the freedom and ability to make informed decisions in life without having to ask other people for permission,” said Akufo-Addo in a speech delivered during the Independence Day celebrations.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree