Monetization of Politics: Dr. K.Y Amoako Warns It Threatens Good Governance

Politics in Ghana is becoming a game of the highest bidder, where money—not merit—determines who leads. This growing trend, where financial muscle outweighs competence, is eroding good governance and deepening corruption. Dr. Kingsley Y. Amoako, Founder and President of the African Center for Economic Transformation (ACET), did not mince words when he addressed this issue on Day One of the National Economic Dialogue. He called it “the elephant in the room”, a problem we all see but often ignore.

The Cost of Politics and Its Consequences

The reality is harsh—running for office in Ghana today is a luxury only a few can afford. Dr. Amoako highlighted how the excessive financial demands on political aspirants block capable individuals with integrity from stepping forward. Instead, those backed by wealthy financiers and special interest groups secure power, not necessarily to serve the people, but to protect the interests of their funders.

“The increasing monetization of our politics has led to incidents of party capture, entrenched corruption, and cronyism. This in turn results in poor service delivery and a lack of accountability,” he said.

And the evidence is everywhere. Political appointments are often handed out as rewards for financial contributions, not based on competence. Elected leaders, burdened with repaying their financiers, struggle to prioritize the needs of the people. The result? Poor governance, inefficient public service, and policies that favor a few over the many.

The Need for Political Party Financing Reform

So, the way forward according to Dr. Amoako is the need for urgent reforms in political party financing. Without transparency in campaign funding, governance will continue to be dictated by money rather than the will of the people.

“We need to have clear guidelines and transparency in political party financing to ensure that governance is driven by competence and service to the people, rather than financial interests,” he urged.

Dr. Amoako also called for a code of good governance that ensures transparency and accountability in political financing. “Without proper reforms, the increasing influence of money in our politics will continue to erode public trust and weaken governance structures. We must act now to safeguard democracy,” he warned.

Last Updated on March 5, 2025 by samboad