Ghana’s ex-president Mahama returns with election win

Ghana’s economic woes dominated the election, after the country went through a crisis of default. (Reuters)
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Updated 08 December 2024
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Ghana’s ex-president Mahama returns with election win

ACCRA: Ghana’s former President John Drahami Mahama won a historic comeback election victory on Sunday after the ruling party accepted defeat with voters appearing to punish them for the government’s handling of an economic crisis.

Following Saturday’s election, New Patriotic Party candidate Vice President Mahamudu Bawumia on Sunday conceded Ghanaians wanted change after he failed to shake off widespread frustration over high costs of living.

His defeat ended eight years in power for the NPP under President Nana Akufo-Addo, whose last term was marked by the west African state’s worst economic turmoil in years, high inflation and a debt default.

For opposition National Democratic Congress party’s Mahama, president from 2012-2017, it was his third attempt to reclaim the top post after falling short in 2016 and 2020 elections.

“Former President Mahama has won the presidential election decisively,” Bawumia told a press conference.

Mahama’s NDC also won the parliament elections, Bawumia said, referring to the NPP’s own internal collation of election results.

“The people of Ghana have spoken, the people have voted for change at this time and we respect it with all humility,” he said.

The speedy concession came as official vote tallies were still arriving.

Blaring horns and whistles and waving the party’s green, white and red flags, Mahama supporters took the streets to celebrate outside the party campaign office in the capital Accra.

“They said he can’t come back, and he has come. The nation builder is back to build our Ghana for us,” said trader and Mahama supporter Leyla Alhassan enjoying the celebrations.

Mahama has yet to speak publicly. But on his X account, Mahama confirmed he received Bawumia’s congratulatory call over his “emphatic victory.”

The US Embassy in Accra also applauded a “successful election that reflects the will of the Ghanaian people.”

“The US looks forward to continuing our strong partnerships under” Mahama, it said on X.

Ghana’s economic woes dominated the election, after the continent’s top gold producer and world’s second cacao exporter went through a crisis of default and currency devaluation, ending with a $3 billion IMF bailout.

Earlier, NDC spokesman Sammy Gyamfi told reporters the party’s internal review of results showed Mahama won 56.3 percent of the vote against 41.3 percent for Bawumia.


Britain needs ‘AI stress tests’ for financial services, lawmakers say

Updated 20 January 2026
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Britain needs ‘AI stress tests’ for financial services, lawmakers say

  • Lawmakers urge AI-specific stress tests for financial firms

LONDON: Britain’s financial watchdogs are not doing enough to stop artificial ​intelligence from harming consumers or destabilising markets, a cross-party group of lawmakers said on Tuesday, urging regulators to move away from what it called a “wait and see” approach.
In a report on AI in financial services, the Treasury Committee said the Financial Conduct Authority and the Bank of England should start running AI-specific stress tests to help firms prepare for market shocks triggered by automated systems.
The committee also called on the FCA to ‌publish detailed guidance ‌by the end of 2026 on how ‌consumer ⁠protection ​rules apply to ‌AI, and on the extent to which senior managers should be expected to understand the systems they oversee.
“Based on the evidence I’ve seen, I do not feel confident that our financial system is prepared if there was a major AI-related incident and that is worrying,” committee chair Meg Hillier said in a statement.

TECHNOLOGY CARRIES ‘SIGNIFICANT RISKS’

A race among banks to adopt agentic AI, which ⁠unlike generative AI can make decisions and take autonomous action, runs new risks for retail customers, the ‌FCA told Reuters late last year.
About three-quarters ‍of UK financial firms now use ‍AI. Companies are deploying the technology across core functions, from processing insurance claims ‍to performing credit assessments.
While the report acknowledged the benefits of AI, it warned the technology also carried “significant risks” including opaque credit decisions, the potential exclusion of vulnerable consumers through algorithmic tailoring, fraud, and the spread of unregulated financial advice through AI chatbots.
Experts ​contributing to the report also highlighted threats to financial stability, pointing to the reliance on a small group of US tech ⁠giants for AI and cloud services. Some also noted that AI-driven trading systems may amplify herding behavior in markets, risking a financial crisis in a worst-case scenario.
An FCA spokesperson said the regulator welcomed the focus on AI and would review the report. The regulator has previously indicated it does not favor AI-specific rules due to the pace of technological change.
The BoE did not respond to a request for comment.
Hillier told Reuters that increasingly sophisticated forms of generative AI were influencing financial decisions. “If something has gone wrong in the system, that could have a very big impact on the consumer,” she said.
Separately, Britain’s finance ‌ministry appointed Starling Bank CIO Harriet Rees and Lloyds Banking Group ‘s Rohit Dhawan as “AI Champions” to help steer AI adoption in financial services.