Policymakers, parliamentarians and anti-corruption advocates have gathered in Accra for a three-day conference on the financialization of politics in Africa, aimed at promoting greater transparency in political financing and protecting democratic governance.
Speaking on behalf of Ghana’s Vice President, Deputy Finance Minister Thomas Nyarko Ampem said winning a parliamentary seat in Ghana now costs an average of 700,000 US dollars, warning that the rising cost of elections is shutting ordinary citizens out of politics.
Pan-African Parliament Second Vice President, Dr. Zanetor Agyeman-Rawlings, also cautioned that excessive campaign costs disproportionately affect women and young people, undermining democratic participation across the continent.
The conference is expected to support the implementation of the United Nations Convention Against Corruption and contribute to the African Union’s proposed model law on political finance transparency.
Delegates called for stronger campaign finance regulations, spending limits and disclosure requirements, alongside civic education and economic empowerment to reduce vote-buying and restore public confidence in democratic institutions. Organizers say the summit will conclude with the Accra Declaration on Political Finance Transparency and Democratic Integrity, aimed at guiding legislative reforms across Africa.
