After serving in Ghana's police force for over three decades, pensioner Emmanuel Amey-Wemegah had a clear retirement plan: invest part of his pension benefits in government bonds, complete the construction of his house, and buy a car.

All was going according to plan until January 6, 2023, when he received a call from his bank that Ghana was restructuring bonds he held.

"I started sweating," said Amey-Wemegah, 63, recalling the uncertainty and fear that gripped him and other bondholders.

The retired chief inspector is one of thousands of Ghanaian private, corporate and foreign investors whose investments in government securities were restructured in 2023 for Ghana to obtain a three-year, $3-billion International Monetary Fund (IMF) bailout to deal with its worst economic crisis in a generation.

As over 18-million Ghanaians prepare to vote in a presidential election on December 7, Amey-Wemegah's plight reflects the economic anxiety gripping many in the West African country - the world's number two cocoa producer. Jobs, education, and infrastructure are also key issues.

During the current authorities' tenure, Ghana's economy buckled under the impact of the Covid-19 pandemic, the war in Ukraine, higher global interest rates and years of excessive borrowing.

Public debt rose from 63% of GDP in 2019 to 92.7% in 2022, the cedi currency suffered rapid depreciation, while inflation peaked above 54%, hitting consumers and forcing businesses to reduce operations.

The government's mountain of domestic debt meant that there was no alternative to an IMF deal without restructuring local holdings, something experts said was unprecedented in Africa.

A domestic debt restructuring launched in December 2022 required holders to exchange old bonds for new ones with lower yields and longer maturities.

"Some of us didn't realize exactly what the consequences were," Amey-Wemegah told Reuters in his Dabala home in southeastern Ghana, where citations for his meritorious service decorate the walls.

"They stole our money. I was sad and devastated," he said, describing how the restructuring squeezed his income.

He cannot afford to fuel or service his car, and now prioritises spending on his medications.

Businesses have also struggled. An Accra-based start-up consultancy firm which requested anonymity, said its 2-million Ghanaian cedis ($130 718) has been held up in the restructuring, straining liquidity and forcing it to cut jobs.

FRUSTRATION WITH RULING PARTY

The election is set to be a contest between Vice-President Mahamudu Bawumia, representing the ruling New Patriotic Party, and former President John Dramani Mahama of the main opposition National Democratic Congress.

Mussa Dankwa of Accra-based Global InfoAnalytics said polls show most Ghanaians are struggling with a cost-of-living crisis, making it a key influence on the election.

Voters like Amey-Wemegah and the owner of the consultancy said their challenges with the debt restructuring would inform who they vote for.

"We've gone to the IMF 17 times," said Amey-Wemegah, referring to Ghana's fund-assisted bailouts since independence in 1957. "None of those past governments introduced haircuts. Why is it that this government decided to introduce it. Why?"

Others, like rice-miller Julius Kwadzo Ameku, are dissatisfied with the authorities' economic performance more broadly.

Ameku, whose firm operates in southeastern Volta region, said the ruling party's initiatives to boost agricultural production had failed and he hoped opposition leader Mahama would usher in positive change.

"All we need is proper irrigation and flexible loans or grants. The gold, oil and others won't take us anywhere," he said.