The Speaker of Parliament, Alban Sumana Kingsford Bagbin, has expressed concern about the monetization of politics in Africa, stating it’s a worrying trend that’s fueling corruption and undermining governance.
He noted that some candidates spend up to $100 million to win presidential elections and $500,000 to secure parliamentary seats, questioning how they’ll recoup such massive investments once in office.
Bagbin emphasized that corruption has become “systemic, cancerous, and cataclysmic,” adapting to new technologies and infiltrating governance and economic life. He urged African legislators to reposition themselves as proactive instruments in fighting corruption, rather than reactive institutions.
The monetization of politics is a pressing issue in Ghana, with some politicians using money to influence voters and buy support. This has led to concerns about the integrity of elections and the country’s democratic process.
Experts suggest that addressing this issue requires a multi-faceted approach, including civic education, regulatory frameworks, and transparency in campaign financing.
