World
Olubiyi, Others to Join Private Sector Investment Lab
By Adedapo Adesanya
The World Bank has announced the selection of 15 Chief Executive Officers and Chairs who will make up the Private Sector Investment Lab.
The founding members comprise a core group charged with developing solutions to address the barriers to private sector investment in emerging markets.
In a statement seen by Business Post, the lender said, “The quality of their individual – and combined – expertise, leadership, and success in business and finance underscores the growing momentum, and level of commitment, for public and private collaboration to address global challenges and urgently scale development solutions.”
The World Bank said it will be drawing on the experience of the 15 CEOs and Chairs that comprise the Lab’s core membership – including leaders from AXA, BlackRock, HSBC, Macquarie, Mitsubishi UFJ Financial Group, Ninety One, Ping An Group, Royal Philips, Standard Bank, Standard Chartered, Sustainable Energy for All, Tata Sons, Temasek, and Three Cairns Group.
The Lab will build on the World Bank’s current work to address existing barriers and develop solutions which support private sector investment in emerging markets.
Announced in June, the Lab will identify and focus on specific approaches that can be implemented and scaled by the World Bank to mobilize capital more effectively, with the ultimate goal of crowding in greater levels of private finance.
This includes ideas for improved financing structures, ways to better align the World Bank with the needs and speed of private finance, approaches to balancing and allocating risks across investors and reimagining new partnerships.
The Lab will begin work in the coming weeks, initially focusing on scaling transition finance in renewable energy and energy infrastructure.
Co-Chaired by Mr Mark Carney, UN Special Envoy on Climate Action and Finance and Co-Chair of GFANZ, and Mr Shriti Vadera, Chair of Prudential plc, the Lab will meet regularly and report directly to the World Bank Group President, Mr Ajay Banga and World Bank Group leadership.
Speaking on this, Mr Ajay Banga, World Bank President: “The World Bank is on a mission to create a world free of poverty – but on a livable planet. Achieving this vision demands that we build a better bank but also reimagine partnerships and pull in the private sector to confront – and beat – intertwined development challenges like poverty, climate, and fragility.
“The business leaders who are lending their time, talents, and expertise to this work are a crucial piece of the puzzle, and I am beyond grateful to have them onboard.
“Results won’t come overnight, but if successful, this group has the potential to unlock significant investment that will deliver jobs and better quality of life for people living throughout the Global South – the surest way to drive a nail into the coffin of poverty.”
Mr Shriti Vadera, Chair of Prudential plc: “I look forward to working with Ajay Banga and his leadership team, and Mark Carney and our fellow Lab members on the critical priority of how the World Bank can leverage and crowd in greater levels of private finance that will not otherwise be available for global public goods like climate transition, growth and poverty reduction. Every action and every penny from every actor counts, and we should prioritise the solutions and actions that are scalable, speedy, and replicable. Our focus will be on delivery and implementation to try and have a real impact on the ground.”
On his part, Mr Mark Carney, UN Special Envoy on Climate Action and Finance and Co-Chair of GFANZ: “In order to address global challenges like climate change and poverty, we need new ways for the public and private sectors to work together to catalyze investment at speed and scale – particularly in developing countries.
“Through the Private Sector Investment Lab, the World Bank and private finance will partner closely to develop, test, implement and ultimately scale financing structures and approaches that can most effectively mobilize private capital. I look forward to working with Ajay, Shriti, and the Lab’s members to deliver on this critical mission with urgency.”
Founding Members
Thomas Buberl, CEO, AXA: “Enabling an effective and fair transition is one of our generation’s greatest challenges. AXA is already active in financing transition projects in emerging countries and we are delighted to join the Private sector Investment Lab to work with other players as well as the World Bank to better catalyze private capital for transition finance in these markets.”
Larry Fink, CEO, BlackRock: “I have spoken for some time now about how reimagining the role of the multilateral development institutions could support an acceleration of investment into emerging markets. I applaud Ajay and his team at the World Bank for their initiative and leadership on this front today, and I am honoured to be asked to lend my support to this work through my participation in the Private Sector Investment Lab.”
Noel Quinn, Group CEO, HSBC Holdings Plc: “A number of financial institutions like HSBC are already developing innovative financing models in the sectors and regions that are critical and challenging to transform in order to reach net zero in time. We need to both scale up these models and develop new ones to accelerate progress. The Private Sector Investment Lab provides an important focal point for collaboration and the sharing of knowledge between financial institutions on this important topic.”
Shemara Wikramanayake, CEO, Macquarie: “Harnessing the large global pools of private sector capital is key to driving better outcomes for emerging markets. The World Bank and other MDBs have a critical role to play in catalysing this capital, including through structures to allocate and manage early-stage risks. Macquarie is delighted to work with this group to support the Private Sector Investment Lab to implement and scale these solutions, starting with a focus on transition finance.”
Hironori Kamezawa, the CEO of Mitsubishi UFJ Financial Group: “As an Asia-headquartered financial institution with an extensive footprint in emerging economies, MUFG is excited to be part of the Private Sector Investment Lab. The collaboration between public and private finance is critical in mobilizing transition finance, especially in emerging markets. This initiative provides an excellent platform to work in collaboration to address the investment gap for the global common good.”
Hendrik du Toit, CEO, Ninety One: “We welcome this initiative and are grateful to be participating because it is vital for public and private finance jointly to address these challenges.”
Jessica Tan, Co-CEO, Ping An Group: “We are delighted and honoured to join the World Bank Private Sector Investment Lab. At Ping An, in our 35 years, we have a long history of direct investment and commitment to supporting rural revitalization and development as well as education welfare, our Community Support Program in China. We continue to support green finance, financial inclusion and help communities manage climate-related sustainability issues. We believe the private sector can make a tangible difference helping progress towards climate goals, manage the risks of climate change and tackle poverty.”
Feike Sijbesma, Chairman, Royal Philips and Co-Chair, Global Climate Adaptation Centers: “Business cannot be successful in a world that fails. We have a responsibility to contribute to the development work of the World Bank.”
Sim Tshabalala, the CEO of Standard Bank: “Attracting a lot more private investment to emerging markets would significantly accelerate inclusive human development and the just transition towards a low-carbon economy. The Private Sector Investment Lab is asking precisely the right questions about how the private sector and development finance institutions should work together. I am honoured to join this discussion on behalf of Standard Bank.”
Bill Winters, Group Chief Executive of Standard Chartered: “Standard Chartered has extensive experience in collaborating with the World Bank to finance sustainable projects in emerging markets across Asia, Africa and the Middle East. As the need to mobilise private capital to close the climate investment gap reaches a critical juncture, we’re committed to providing our longstanding market expertise to the Private Sector Investment Lab to encourage innovation and act as a catalyst for credible progress in private and blended finance.”
Damilola Ogunbiyi, CEO, Sustainable Energy for All: “The multiple ongoing global crises affect developing countries around the world disproportionally. Despite already having the solutions to scale up renewable energy-based solutions to deliver development and climate progress, finance needs to be unlocked at scale in developing countries and underserved sectors. This Lab offers us the opportunity to work together to design the solutions that will speed up an inclusive global energy transition.”
N. Chandrasekaran, Chairman, Tata Sons: “Needless to say, financing for climate change remains the most important challenge that needs to be addressed. Given the long-term nature of these investments and the risks involved, setting up of the Private Sector Investment Lab to find innovative ways to attract private capital to partner with public investment is an important global initiative. I am pleased to be included in the initiative and looking forward to contributing and developing solutions.”
Dilhan Pillay Sandrasegara, Executive Director and CEO, Temasek: “Many emerging economies, especially in Asia, find it challenging to adopt sustainable solutions because of fiscal constraints, limited access to private capital, and marginal bankability for many of their transition projects. Transition financing is key to bridging these gaps, and initiatives like the Private Sector Investment Lab are a crucial step in mobilising capital to accelerate the development and scaling of viable pathways towards net zero. I look forward to working closely with my fellow founding members of the Lab, bringing together public and private sector collaboration to ensure that our impact is amplified.”
Mark Gallogly, Co-Founder and Managing Principal, Three Cairns Group: “A dramatic increase in climate finance is needed, especially in emerging economies. Three Cairns has focused on this need through initiatives like Allied Climate Partners. We are honoured to join The Private Sector Investment Lab and work with the World Bank and leading institutions to help generate, test, and scale solutions that can become commensurate to this crisis.”
World
AfDB Attracts $2.2bn for Nigeria’s Special Agro-industrial Processing Zones
By Modupe Gbadeyanka
Investors are interested in investing about $2.2 billion in the Special Agro-Industrial Processing Zones Nigeria Phase II project.
This was recently facilitated by the African Development Bank Group (AfDB) at the Africa Investment Forum.
The initiative is expected to revolutionize Nigeria’s agricultural sector, as it will create agro-industrial hubs that drive productivity, enhance food security, raise living standards and create jobs.
Those interested in the project include Arise IIP, Arab Bank for Economic Development in Africa, Africa Export-Import Bank, Sahara Farms, BPI France, Africa50, and the US Development Finance Corporation.
They engaged the Nigerian government at a meeting on Wednesday, December 4, 2024.
The SAPZ Nigeria Program is a country-wide government-enabled and private-sector-led investment program that will, (i) provide infrastructure for the establishment of agro-industrial zones, (ii) strengthen institutional capacity and business environment for agro-industrial development and (iii) support agricultural productivity, skills, and private investment across value chains.
SAPZs are established in areas with high agricultural production potential. They are provided with infrastructure, common services, and supported by policy incentives to integrate agricultural and industrial businesses. Through value-added manufacturing, they have the potential to trigger the long-delayed structural transformation that revitalizes rural areas, enhance food security, improve employment, and boost regional and international trade.
Phase I Nigerian States benefiting from the program are Cross River, Imo, Ogun, Oyo, Kaduna, Kwara and Kano, and the Federal Capital Territory. SAPZ Nigeria Phase II is underway to expand to an additional 24 States in Nigeria in the next 3 years and will link Nigeria’s agriculture to agro-industrialization to drive economic growth.
The president of AfDB, Mr Akinwumi Adesina, said, “This is a defining moment for Nigeria’s agricultural transformation.”
“The Nigeria SAPZ II project will create millions of jobs, empower smallholder farmers, and position Nigeria as a leader in agro-industrialization. These investments exemplify the power of collaboration to achieve sustainable development in Africa,” he added.
The bank’s Director General for Nigeria, Mr Abdul Kamara, said, “I am pleased to see this whopping investment interest and commitments by our financing partners for Nigeria, at a time when the country is ramping up efforts to attract investments into the agriculture sector to address food security, create job opportunities and boost economic growth.”
World
Russia, Africa Establish Cultural Telebridge
By Kestér Kenn Klomegâh
Russia and Africa have moved one more step forward in their bilateral relations by establishing a cultural telebridge dedicated to the formation and development of the Museum of African Cultures in Moscow. The cultural telebridge between Russia and Africa was organized by the Russian-African Club of Lomonosov Moscow State University (MSU) with the support of the Secretariat of the “Russia-Africa Partnership Forum” under the Ministry of Foreign Affairs of the Russian Federation.
The telebridge was held on three main platforms – in Moscow (Russia), Ouagadougou (Burkina Faso), and Yaoundé (Cameroon), and included participants from Morocco, Guinea, Benin, Côte d’Ivoire, Zambia, Burkina Faso, South Africa, and Egypt.
The main speakers of the telebridge included representatives of the ministries and cultural authorities of Russia and African countries, diplomats, museum specialists from Russia and Africa, private collectors, universities, NGOs, journalists, and members of the African diaspora.
The event was opened by Ilya Ilyin, Dean of the Faculty of Global Processes and First Vice-President of the Russian-African Club at MSU. He highlighted the topic of the telebridge on the development of the Museum of African Cultures which was deliberately chosen for discussion. The need to expand humanitarian cooperation with African countries was specifically emphasized at the second summit of the “Russia-Africa Partnership Forum” as well as at the Russia-Africa Ministerial Conference held in Sochi in November 2024. Work in this direction is being carried out in accordance with the priorities outlined by Russian President Vladimir Putin on March 30, 2020, under the “Priority Steps in Africa” decree. Among the key initiatives in the humanitarian field is the idea of creating the Museum of African Cultures, which will be the only museum outside of the African continent officially dedicated to African themes. The museum will be established at the renowned State Museum of Oriental Art.
Ilya Ilyin noted as a significant achievement the agreement to establish a branch of the Russian-African Club in Burkina Faso, and work on this initiative is ongoing. He expressed gratitude to Daniel Sawadogo, former cultural attaché of Burkina Faso’s Embassy in Russia, who participated in the telebridge, for his efforts in strengthening cooperation between Burkina Faso and Russia.
Ilyin reminded the audience that the year 2025 will mark the 270th anniversary of Moscow State University and the 220th anniversary of the Moscow Society of Naturalists, chaired by MSU Rector V.A. Sadovnichy. Additionally, in 2025, the Faculty of Global Processes of MSU will celebrate its 20th anniversary. The most significant event of 2025 will be the 80th anniversary of the Great Victory. In this regard, the Dean proposed continuing the tradition of holding a memorial event involving Russian-African youth at Poklonnaya Gora, as was done in 2023 and 2024.
Tatiana Dovgalenko, Ambassador-at-Large of the Ministry of Foreign Affairs of the Russian Federation and head of the Secretariat of the Russia-Africa Partnership Forum spoke about the active work being carried out in conjunction with the Ministry of Culture of Russia, Rossotrudnichestvo, cultural institutions, and civil society circles in hosting thematic exhibitions, theatre festivals, cultural days, concerts, film screenings, and lectures in Africa. Significant projects are being implemented by the Russian Institute of Theatre Arts (GITIS), the Inopraktika Foundation, and the Moscow Conservatory. These and other initiatives demonstrate the explosive interest of Africans in Russian culture. The demand among African students for creative education in Russia continues to grow. Today, citizens from 20 African countries are studying in Russian cultural universities.
The Museum of African Cultures will immerse the Russian audience in the richness of African culture and peoples. It will display the collected artefacts housed in Russia, primarily African art pieces from the State Museum of Oriental Art. This collection comprises more than 1,100 items and is continuously replenished through scientific research expeditions, temporary exhibitions, and private collections donated by prominent Russian Africanists. T.E. Dovgalenko expressed confidence in the museum’s role as a profound cultural bridge.
The museum will become a significant platform in Russia for hosting educational, cultural, and business events, implementing educational programs, and conducting scientific research in the field of African studies, as well as simply a space of creative power.
The lead moderator of the telebridge, Alexander Berdnikov, Executive Secretary of the Russia-Africa Club of Lomonosov Moscow State University, introduced the co-moderators from the Russian side – Louis Gouend, Ilya Shershnev, and Inga Koryagina. He emphasized that the opening of the Museum of African Cultures is a highly important issue for both Russian and African societies.
In his opinion, it is also critical during the telebridge to address the prospects of communication with African countries in the field of humanities, particularly related to museums. The speaker reminded attendees about the “Russia Calling!” forum held on 4th December in Moscow, during which Russian President Vladimir Putin stated that Russia will develop new tools for advancing comprehensive cooperation with African countries. The Museum of African Cultures is one such new tool for collaboration in the humanitarian sphere.
The museum is being established as a multifunctional institution, also tasked with educational and expert goals, African studies training, and other functions.
Research Associate of the State Museum of Oriental Art and Africanist, Darya Vanyukova, emphasized at the beginning of her speech that no museum collection, no matter how large, can encompass the immense richness and diversity of the artistic culture of African countries. Therefore, as the expert noted, the idea of creating an exploratory museum must be approached honestly and openly. The speaker stressed the importance of developing long-term projects within the museum, which can serve as a foundation for a cultural program, allowing visitors to gain a deeper understanding of the African continent.
A key aspect of preparing for the museum’s opening involves creating a concept and designing the permanent exhibition. The expert shared plans for projects scheduled for 2025, including exhibitions dedicated to the Republic of Cameroon and the Republic of Mali. Vanyukova also mentioned that the Museum of Oriental Art’s team is counting on support from colleagues in African countries. She explained the museum’s plans to request artefacts from Russian and African museums for long-term storage, with a view to returning these valuable art pieces to their home countries once the established agreements expire.
Yuri Zaitsev, Head of Rossotrudnichestvo’s representative office in Tunisia, emphasized the importance of maintaining close ties with the African community and museum experts from the continent when establishing the museum. He expressed his hope that North Africa would be broadly represented in the museum. Additionally, Zaitsev offered comprehensive assistance and support from North African countries. He noted that the Russian House in Tunisia also supervises several countries without Rossotrudnichestvo representation, including Algeria, Libya, and Niger. This allows for facilitating communication with museum communities in those nations.
The expert proposed creating branches of the museum or exhibition complexes at VDNH or in other districts. He highlighted Tunisia’s rich historical heritage, including aspects that connect Tunisia and Russia, such as the history of the Russian Squadron and the work of artist Rubtsov, which, according to Zaitsev, should also be represented in the Museum of African Cultures.
Alla Stremovskaya, Associate Professor at the Department of Eastern Political Studies of the Faculty of Global Processes at Moscow State University, spoke about the role of museum diplomacy in international relations. She presented a report on online projects by key Russian museums. According to Stremovskaya, museum diplomacy is a form of cultural diplomacy that historically served as a strategic tool used by national governments to advance their foreign policy goals. Various countries have supported museum initiatives to disseminate their national values and ideas abroad.
Today, these functions are also fulfilled by museum online projects. Stremovskaya highlighted international online projects by the Russian Museum, the Hermitage, the Tretyakov Gallery, and the State Museum of Fine Arts. These projects combine a range of multimedia centre functions, including virtual tours, online lectures, and visits to exhibition compositions. She also mentioned major international museum online projects such as “European” and “Latino.” The expert stated that knowledge of these projects will help in creating a similar initiative for the new Museum of African Cultures.
Louis Gouend, Telebridge Moderator and Head of the Commission on Diaspora and Media Relations at the Russian-African Club of Moscow State University, expressed gratitude on behalf of the entire African community for the idea of establishing a Museum of African Cultures in Moscow, calling it a “cherished topic” for all Africans.
Gouend introduced the participating experts from the telebridge studios in Cameroon and Burkina Faso. The moderators for the telebridge in Cameroon were historian Professor Njock Nyobe Pascal, former Director of the Douala Maritime Museum, and Professor Jean-Baptiste Nzoge. The first speaker from Cameroon, Madame Rachel Mariembe, an expert in historical and cultural heritage, spoke about the work of the Douala Museum, whose collection is constantly being expanded, thanks to well-established connections with other museums, not only in Cameroon but also in other countries, as well as through collaboration with private museums.
Cameroonian museologist, Professor Michel Ndoh, expressed the opinion that the Museum of African Cultures in Moscow should represent a unique opportunity for Africans to establish strong ties with Russia. The success of the future museum in Moscow, according to the expert, depends on its programmatic policy.
The speaker highlighted that the primary mission of the museum should be showcasing Africa as a whole, while taking into account the uniqueness of each country on the continent. Africa itself must take the initiative and present its proposals, concluded Michel Ndoh.
His Majesty Mbombog Malet Ma Ndjami, Director General of the Palace of Culture and African Art, noted that a museum is a guardian of memory. According to the speaker, collaboration with Russia will provide the African continent with new opportunities to preserve its memory. Cameroonian museums were established following a model created in the 19th century, and it is from that period that the perspectives through which Africans view their memory — namely, Eurocentric perspectives — originate, noted the expert. He believes that cooperation with Russia will allow Africans to view their historical reality from a different perspective, through masterpieces of national African art. Africa shares a common memory with Russia, and together, we can embody this memory through museum partnerships.
Ndo, a museologist from Cameroon, considers the museum to be a lever for diplomacy. Diplomacy, he stated, is the interaction of all participants in the process. Therefore, the expert emphasized the importance of hearing from Russian colleagues about the specific types of support they expect from African specialists in the museum field. He proposed that mutual exchanges of conceptual ideas are crucial.
The telebridge was then passed to Burkina Faso, where the moderators were Moktar Sanfo, Director General of Culture and Arts (DGCA), and Sabari Christian Dao, Director General of the National Museum of Burkina Faso.
Christian Dao welcomed the participants of the telebridge and introduced his colleagues, gathered at the web studio in the National Museum of Burkina Faso, with a total of 20 people present. The speaker expressed collective excitement at the opening of the Museum of African Cultures in Moscow.
The first expert from Burkina Faso to speak was Juliette Congo, Director of the Women’s Museum in Kolgwendiese, founded in 2008. The Women’s Museum is a unique project as it not only showcases collections but also conducts educational programs. These initiatives highlight the role of women in African society and their contributions to national and cultural wealth. The museum houses collections dating back to the era of the Moro Kingdom, where women served as a ruling force.
Alassane Samura, Director of the Water Resources Museum, presented the concept of his museum, which is built on the idea that water permeates all of human history across all aspects of life; without water, there is no life. In Africa, where tremendous effort is often required to access water, people hold this natural resource in high regard. This is why the Water Museum was established. It features collections of ancient water storage containers and vessels, as well as tools for retrieving water.
Assane Romba, curator of the Georges Ouedraogo Museum of Music, described his museum as a “living place” where exhibits come to life. He spoke about the constant interaction with visitors through the universal language of music. The museum’s collection includes objects that serve sacred functions and are emblematic of Africa’s cultural heritage.
Sinali Djibo, Director of Exhibitions and Mediation at the National Museum of Burkina Faso, outlined the training of specialists in various areas of museum activities. The expert also shared his vision for organizing temporary exhibitions at the future Museum of African Cultures in Moscow. According to Djibo, such exhibitions must be accompanied by explanations for visitors, and he suggested using film as a tool for this purpose. He pointed out that this approach has already been implemented in Europe and parts of Africa.
Dr. Hoda Al-Saati, a representative of the Journalists’ Union of Alexandria (Egypt) and an active participant in cultural and historical events between Russia and Egypt, praised Russia’s efforts in preserving and developing the cultural heritage of African countries. She contrasted this with Western countries, which often regard Africa merely as a source of profit. The speaker supported the idea proposed by Russian and African colleagues that the museum should also function as an educational institution.
Swinni Driss, a representative of the National Museum of Morocco, spoke about the museum’s activities, and educational and cultural projects, in particular, the exhibition of postage stamps, which has become an interesting and popular event in the country.
Ernest Kpan, an expert from Côte d’Ivoire and head of the local branch of the International Council of Museums, believes that establishing a successful project requires defining the shared and fundamental foundations of the museum initiative. It is essential to know the budget allocated for the project and understand its base—both material and scientific. Another critical issue, according to the speaker, is the potential involvement of African specialists in the museum’s operations.
Tatyana Tudvaseva, President of the “Gatingo” Association and chief curator of the international art project “Africa’s World Today, Tomorrow, Yesterday,” stressed the need to include items of contemporary African art among the museum’s exhibits. The paintings of African artist-philosophers—singers of their culture and traditions—are filled with symbolism, meaningful ideas, and interest in human individuality and the surrounding nature. The speaker expressed confidence that these works of art would deeply move the Russian audience.
Moktar Sanfo, Director General for Culture and Arts and moderator in the webinar studio in Burkina Faso requested representatives of the Russian-African club to inform African colleagues about opportunities for advanced training at Moscow-based universities and the areas covered within this framework.
Suleiman Sedogo, President of the Association of Museum Professionals of Burkina Faso, stated that the primary goals of their organization are to improve the quality of museum practices in the country, develop new directions, and support collaboration between private museums and the state.
Daniel Sawadogo, former cultural and scientific advisor to the Embassy of Burkina Faso in the Russian Federation, emphasized the undeniable importance of this telebridge, which has become a significant platform for exchanging expert opinions and practical proposals between museum specialists in Russia and Africa.
Ali Degee, an expert from Burkina Faso and a graduate of a Soviet university, highlighted the exceptional importance of professional staff training in the museum field. The speaker expressed hope that such training would become accessible to the current young generation from African countries. For instance, graduates of museum studies courses organized in Burkina Faso could be sent to Russia for further education.
In conclusion, A.F. Berdnikov, the lead moderator, thanked all participants of the telebridge and noted that the event was productive and constructive. He supported the idea of making this telebridge format regular, as it would provide an excellent opportunity for the mutual exchange of proposals and concrete recommendations, not only for developing the Museum of African Cultures but also for fostering museum-sector cooperation between Russia and Africa as a whole.
World
John Mahama Wins Presidential Poll to Return as Ghana’s President
By Adedapo Adesanya
Former President of Ghana, Mr John Dramani Mahama of the National Democratic Congress (NDC), has won a historic comeback election victory on Sunday as voters pushed out the ruling New Patriotic Party (NPP) over its management of economic crisis in the West African country.
NPP candidate and current Vice President Mahamudu Bawumia to incumbent President Nana Akufo-Addo today conceded defeat in the weekend presidential election after failing to shake off widespread frustration over high costs of living.
Results showed that Mr Mahama won 56.3 per cent of the vote against 41.3 per cent for Bawumia.
Mr Mahama, who ruled as president from 2012-2017, will return to lead the country on his third attempt to reclaim the nation’s top post after falling short in 2016 and 2020 elections.
Ghana’s two main parties, the NPP and NDC, have alternated in power equally since the return to multi-party politics in 1992.
The country’s economic woes dominated the election after the continent’s top gold producer and the world’s second-largest cocoa exporter went through a crisis of default and currency devaluation, ending with a $3 billion bailout from the International Monetary Fund (IMF).
Meanwhile, President Bola Tinubu has congratulated Mr Mahama on his victory in the December 7 general election.
In a telephone call to Mr Mahama, President Tinubu hoped that Mahama’s ascension to power for the second time would further bring stability to the Economic Community of West African States (ECOWAS).
According to a statement by presidential spokesman, Mr Bayo Onanuga, the Nigerian President commended the people of Ghana for their commitment to democracy, which was demonstrated through the peaceful and successful conduct of both the presidential and parliamentary elections.
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