Prices of imported goods, especially oil, have been rising. With exports fetching less and less, Ghana's currency, the cedi, has been in a free fall. Despite these oppressive problems, the western institutions will continue to keep pressure on Ghana on debt payment as well as demanding more privatization. Donors are likely to demand at least an end to fuel subsidies and further cuts in expenditure. Despite the promises of new investments after the so-called reforms, direct foreign investment has been little and local businesses are not doing well due to the high interest rates and competition from outside.
Some commentators claim that the election shows democracy is now taking hold in Ghana.
That claim is not based on any meaningful involvement of ordinary people in politics. This could not be possible in a country where only a small elite controls the wealth and therefore the levers of power. It is this tiny elite that creams the wealth of the nation together with foreign bankers and other investors. While the praises are being sung for Rawlings, it is worth remembering that he was once a very popular leader who promised his people great things. However he went on to use his popularity, like most other leaders to set a stage to be used against the people.