The end of the Cold War resulted not only in a wave of democracy in Europe, its consequences were considerable also in the continent of Africa where it resulted in stronger preference of particular countries for democracy. A number of African states introduced democratic institutions, however, there is a question on how these events influenced the level of development and economic growth. Therefore, the thesis will focus on the concept of democracy and its relationship to development in Africa. A particular attention will be given to Ghana as it is considered one of the champions of democracy in the continent. The level of democracy including the role of elections will be analyzed as well as their influence on Ghana’s development. The research paper will strive to answer the question to what extent the level of democracy in Ghana had an influence on improving the economic situation in the country. As a consequence, the author of the policy paper should be able to present an opinion on whether less democratic countries are able to reach the same level of growth or a particular level of democracy presents a considerable competitive advantage for development.