Minority Leader Alexander Afenyo-Markin has publicly acknowledged that the New Patriotic Party (NPP) suffered significant electoral damage due to harsh economic measures implemented during its time in government, particularly financial sector reforms that alienated its traditional middle-class supporters.
Speaking on PM Express on JoyNews on October 27, the Effutu Member of Parliament admitted the party lost crucial support from businesspeople, pensioners, and educated professionals who typically backed the NPP. These groups found themselves directly affected by controversial debt restructuring measures.
The lawmaker’s candid assessment comes months after the NPP’s defeat in recent elections, and his comments reflect an unusually frank acknowledgment of policy decisions that backfired politically. Afenyo-Markin didn’t mince words when describing the scale of voter dissatisfaction that followed the financial sector reforms.
He noted that pensioners and educated people who ordinarily would vote NPP got disappointed due to the haircuts, using terminology that refers to the forced reduction in the value of government bonds and other financial instruments. The restructuring affected retirement funds and savings across Ghana’s middle and upper-middle classes.
The Minority Leader highlighted one particularly symbolic moment that illustrated the depth of public anger. A former Chief Justice, appointed during the NPP administration itself, took to the streets to protest the impact on her pension, according to his account of the situation. This image of a senior judicial figure publicly fighting for her retirement benefits underscored how the reforms cut across professional and social lines.
Afenyo-Markin attempted to provide context for these difficult decisions, explaining that the government faced enormous economic challenges and tried to stabilize a struggling economy. However, he conceded that the party’s efforts fell short of their objectives. The reforms were meant to prevent economic collapse, but the political calculation proved catastrophic.
The global COVID-19 pandemic and its economic aftermath created additional pressures that forced tough choices, according to the MP’s analysis. Ghana, like many developing nations, grappled with external shocks that strained public finances and required emergency interventions. Yet the manner and timing of these interventions alienated voters who had previously formed the party’s electoral foundation.
What makes Afenyo-Markin’s comments noteworthy is their timing and tone. With the NPP now in opposition and facing internal discussions about future leadership, the Minority Leader’s willingness to examine past failures suggests the party is attempting to learn from its electoral setback. Whether this introspection translates into different policy approaches remains an open question.
The businessman and professional classes that powered NPP victories in previous elections represent a demographic that values economic stability and protection of property rights. When government policy directly threatened their accumulated wealth through forced haircuts, the political consequences proved severe and possibly long lasting.
Afenyo-Markin’s assessment also reveals tensions between economic necessity and political survival. Policymakers often face situations where the technically correct economic decision creates electoral liabilities. The NPP’s experience demonstrates how difficult it can be to maintain voter confidence when implementing unpopular but allegedly necessary reforms.
The Minority Leader did attempt to highlight what he considers achievements during the NPP’s tenure, including the Free Senior High School policy, One District One Factory initiative, and other programs. But his acknowledgment of failure suggests these positives couldn’t overcome the anger generated by reforms that directly touched voters’ pockets.
As the NPP prepares for flagbearer elections scheduled for January 31, 2025, Afenyo-Markin has maintained public neutrality despite having private preferences. His reflections on past mistakes may inform how the party positions itself for future electoral contests, assuming it can rebuild trust with constituencies that felt betrayed by economic policies.
The question now facing the NPP is whether acknowledging these mistakes proves sufficient to win back disaffected supporters, or whether the damage runs too deep for easy repair. Middle-class voters who watched their retirement savings diminished may require more than apologies before returning to the party’s fold.
