ACCRA, GHANA – President John Dramani Mahama has reaffirmed his commitment to Ghana’s constitutional two-term limit during bilateral talks with Singapore’s President Tharman Shanmugaratnam, emphasizing that stepping away from the 2028 ballot will strengthen his resolve to maintain fiscal discipline and break Ghana’s destructive cycle of election-year overspending.
Speaking during his three-day state visit to Singapore, Mahama condemned the historical tendency of incumbent governments to bypass fiscal safeguards to win voter support, a practice that has repeatedly triggered economic crises in Ghana. “I will not be a candidate in the next elections and therefore I can hold the line when it comes to fiscal discipline,” the President assured.
Economic Recovery and Constitutional Commitment
The President’s declaration comes amid growing speculation about his political future, with opposition New Patriotic Party (NPP) members claiming he intends to seek a third term despite constitutional limitations. However, National Democratic Congress (NDC) Chairman Johnson Asiedu Nketiah firmly dismissed such rumors, stating the party has “never run in ways that conflict with the national constitution”.
Mahama’s Singapore visit has yielded significant economic partnerships, including strengthening the existing carbon credits cooperation agreement signed in May 2024. The bilateral talks focused on enhancing cross-border payment systems, fintech development, and leveraging Singapore’s expertise in financial technology to support Ghana’s role as a gateway under the African Continental Free Trade Area (AfCFTA).
President Tharman praised Ghana’s economic reform efforts, noting that “Ghana must succeed for West Africa and Africa to succeed,” while acknowledging the country’s progress in addressing debt challenges and pursuing fiscal discipline. The discussions emphasized Ghana’s positioning as a continental gateway, with inflation declining to approximately 13% and government targeting single digits by year-end.
Historical Context and Democratic Precedent
Ghana’s struggle with election-year fiscal indiscipline has deep historical roots, with research showing that successive governments since 1993 have consistently failed to maintain spending restraint during electoral periods. The deficit-to-GDP ratio has historically ballooned during election years, creating cyclical economic crises that have plagued the nation’s development trajectory.
Mahama’s pledge aligns with continental trends supporting presidential term limits, with Afrobarometer surveys showing that three-quarters of respondents across 34 African countries consistently support two-term limitations. The President’s commitment to constitutional adherence strengthens Ghana’s position among African democracies that have successfully maintained term limit precedents.
During his previous administration (2012-2016), Mahama faced similar fiscal pressures, with civil service wage increases during the 2012 elections contributing to budget deficits that required International Monetary Fund intervention. His current administration has implemented significant austerity measures, including reducing ministerial positions from 124 to 60 and cutting the Independence Day celebration budget by 90%.
The Singapore partnership represents broader economic diplomacy efforts, with both nations exploring cooperation in sustainable development, agribusiness, digital economy solutions, and green energy initiatives. Singapore has committed to supporting Ghana’s economic transformation through technology transfer, investment promotion, and capacity building programs.