Professor H. Kwasi Prempeh, the Executive Director of Ghana Centre for Democratic Development (CDD-Ghana), has revealed that one needs about $200 million to win a presidential election in Ghana.
The CDD-Ghana highlighted the high-rise sparks concerns of sustainability and inclusiveness of the country’s democratic process.
According to Professor H. Kwasi Prempeh, the financial burden of elections risks capable leaders being shut out due to the lack of access to vast resources.
Speaking at an Open Society event in Accra, the Executive Director of CDD-Ghana stated, “I think you need about $200 million to win a presidential contest. How many of you here are ever going to be in that category or cohort of candidates? Even at the parliamentary level or at the primary level, it is nearly impossible for many of you,” Prof. Prempeh said.
“We cannot have that kind of democracy and expect it to be developmental. So, we need to worry about our campaign financing and regulating our internal party democracy,” he stressed.
However, a CDD-Ghana report in 2021 revealed the cost of winning a presidential election to be $100 million.
The study also revealed that parliamentarians need at least GH¢ 4 million.
A representative of CDD-Ghana, Saadija Shiraz, disclosed, “In 2021, a study was conducted by CDD to assess the extent to which illicit and illegal money moves into our politics, and as part of the findings, the study sought to determine how much the cost of politics and electioneering campaigns was.
“In the current estimate per this statement, running for Parliament was GH¢ 4 million, out of this amount, two million is dedicated towards nurturing constituencies, and the other two million is after the securing of the candidature position.”
“For the cost of running for president, the study estimated that the most viable sum of money that a person running for president needed was US$100 million… this is why we need to engage in conversations to reform the monetisation of Ghana’s politics,” she added.
Meanwhile, Michael Boadi, the Fundraising Manager at Ghana Integrity Initiative (GII) has emphasised the necessity of regulating political campaign financing.
Michael Boadi stated, “We cannot successfully combat corruption without controlling the financing of political parties. We must establish mechanisms to regulate political campaign finance”.
He pointed out that political campaign financing had become a significant catalyst for corruption.
“The situation is becoming increasingly perilous. According to research by the Centre for Democratic Development-Ghana, winning a parliamentary seat costs approximately US$300,000.00, a figure that continues to rise,” he noted.
“If a parliamentary seat in a smaller constituency demands $300,000.00, one must ponder the source of even larger sums spent by presidential candidates”, he added.
He further emphasised the urgency of political parties disclosing the origins of funding for political parties and their candidates at both the presidential and parliamentary levels.
In a related news on political funding, Solomon Owusu, a leading member of the Movement for Change, has told the Office of the Special Prosecutor to immediately investigate Dr Mahamudu Bawumia, the former vice president and presidential candidate hopeful for the NPP.
According to Solomon Owusu, Bawumia confidently stated he personally donated 300 brand new Navara pick-ups to the NPP ahead of the 2024 elections.
He noted that one brand new Navara pick-up costs $60,000, adding that 300 pick-ups will cost $18 million, which Bawumia claimed he solely donated to the NPP.
Speaking on UTV, Solomon Owusu stated, “I will be going to the OSP to petition him. Bawumia thinks he is campaigning, but it is so dangerous, saying he donated 300 brand new Navara pick-ups, with one costing $60,000.
60,000 times 300, that is $18 million. Bawumia is saying he dashed $18 million, are you not scandalised by it? Are you not scared?”
He added, “Let’s take it as if he has people who donated to him, but under the Political Party Act, if someone gives you a donation, you have to indicate it. We were here, and Bawumia said Mahama went for a Ford, so if we had a vice president during a campaign, and he said he singlehandedly donated 300 pick-ups for the campaign, and we have the Ghana Revenue Authority, OSP, EOCO cannot call and question him, then the country is not worth dying for”.