He was elected to the Manitoba legislature in 1977, representing the rural riding of Souris-Killarney. In that year, Sterling Lyon's Progressive Conservatives won an upset victory over Edward Schreyer's New Democrats. Following the election, Ransom was appointed Minister of Mines, Resources and Environment. Following a reorganization of cabinet in 1979, he became Minister of Natural Resources and Chairman of the Treasury Board. In January 1981, he was promoted to Minister of Finance.
Ransom did not serve long in this position, as Lyon's government fell to the NDP under Howard Pawley later in the year. Ransom, who was easily re-elected in the riding of Turtle Mountain, defeating Johannson by 3,115 votes. He ran for the party's leadership in 1983 as a representative of the party's rural/conservative wing, but was defeated on the second ballot by Gary Filmon, who was then regarded as a progressive. Subsequently, supporters of Ransom would allege that the Filmon camp encouraged third-place candidate Clayton Manness to run as a means of splitting the conservative vote.
- "MLA Biographies - Living". Legislative Assembly of Manitoba. Archived from the original on 2014-03-30. Retrieved 2014-03-09.
- Thomas, Paul G; Brown, Curtis (2010). Manitoba Politics and Government: Issues, Institutions, Traditions. University of Manitoba Press. p. 98. ISBN 0887554016. Retrieved 2014-03-09.
- "Turtle Mountain". Manitoba Votes 2007. CBC News. 2007.
- "Settlement Agreements". Manitoba Hydro. Retrieved 2014-03-09.
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