Speaker of Parliament Alban Sumana Kingsford Bagbin has raised alarm over what he describes as the “financialisation of politics” in Africa, saying it is gradually turning public office into a commercial venture and excluding citizens without wealth from leadership.
Addressing participants at a three-day regional forum on political financing in Accra on Tuesday, Mr Bagbin said the increasing cost of elections was undermining democracy and eroding public confidence in state institutions.
“When money becomes the main yardstick for political success, democracy becomes out of reach for the average citizen. Public service is then treated as an investment to be recovered, not a duty to the people,” he said.
The meeting, themed on the growing influence of money in African politics, was organised by the African Union Advisory Board on Corruption in collaboration with CDD-Ghana, the Community of Practice on Political Finance in Africa, Open Society Foundations and Transparency International Ghana.
It drew together government officials, electoral management bodies, anti-corruption agencies, civil society groups, researchers and development partners to discuss policy options for regulating political finance.
The Speaker said the problem was not limited to Ghana. He noted that democracies worldwide were experiencing a decline due to opaque campaign funding, illicit financial flows, and the growing commercialisation of elections.
“Across Africa and the rest of the world, democracy is backsliding. Citizens are losing trust in democratic institutions and are withdrawing from the political process,” Mr Bagbin stated.
He added that the monetisation of politics had created a system where financial muscle, rather than competence and commitment to service, determines who gets elected.
Reflecting on his own political journey since 1992, Mr Bagbin said electioneering was far more expensive today than it used to be. He recalled funding his first campaigns from personal savings and later turning to his wife for support.
He also pointed to the social and cultural pressures politicians face. According to him, constituents and traditional leaders expect financial support during visits and community engagements.
“You don’t go to the House of Chiefs empty-handed. If you don’t support education, health, or provide assistance to the vulnerable in your constituency, they will say you are absent,” he explained.
Despite these challenges, the Speaker cautioned against vilifying politics as a profession.
“Politics is not a dirty game. It is the people who engage in politics that make it dirty,” he said.
Mr Bagbin called on stakeholders to move beyond workshops and adopt practical measures to sanitise political financing.
“This is the time to act. It is not enough to pass laws or adopt resolutions. We must, on a daily basis, uphold what is right, honest and ethical. Integrity must be practised, not just preached,” he urged.
