Already a Bloomberg.com user?
Sign in with the same account.
Newmont Mining Corp
Ghanaian leader John Dramani Mahama won a narrow victory over opposition candidate Nana Akufo-Addo, whose party vowed to challenge the presidential vote result in court because it said there were discrepancies in the data.
Mahama of the National Democratic Congress got 50.7 percent of votes cast on Dec. 7 and 8, while Akufo-Addo of the New Patriotic Party took 47.7 percent, Electoral Commission Chairman Kwadwo Afari-Gyan told reporters in Accra, the capital, yesterday. The commission didn’t provide results from the parliamentary election held at the same time.
“I call on all leaders of political parties that participated in this election to respect the voice of the people,” Mahama told reporters. “We must celebrate together as Ghanaians and let’s refrain from any act that will disturb the peace and order that this country continues to enjoy.”
Mahama, 54, who came to office in July following the death of John Atta Mills, is set to face calls from Ghanaians to equitably share benefits from oil production that began in 2010 and rising output of gold. The economy expanded at the fastest pace in Africa last year at 14.4 percent. It’s projected to grow 8.2 percent this year and 7.8 percent in 2013.
Voting was extended to a second day on Dec. 8 in more than 400 polling stations after biometric machines machines used to confirm identities of voters broke down and delays in getting election materials to centers led to long lines.
“We are going to court tomorrow to contest the results, we are gathering evidence,” Nana Akomea, communications director for the NPP, said by phone today. The party has found “big discrepancies in the results from the constituencies and those announced by the Electoral Commission.”
The country’s currency, the cedi, was unchanged from Dec. 7, trading at 1.8911 a dollar by 12:42 p.m. in Accra, according to data compiled by Bloomberg. The yield on Ghana’s $750 million of Eurobonds eased for a seventh day, declining one basis point, or 0.01 percentage point, to 4.96 percent.
“A long, drawn-out legal challenge to the election result, and an increasingly tense political environment, may contribute to investor nervousness,” Razia Khan, head of Africa research with Standard Chartered Bank Plc, said in an e-mailed note today. “With Ghana reliant on portfolio flows to finance its twin deficits, the Ghana cedi would be vulnerable to any exit by foreign investors.”
Supporters of the NPP who gathered at the Electoral Commission headquarters yesterday were pushed back by police officers on horseback. NPP Chairman Jake Obetsebi-Lamptey called on Afari-Gyan’s commission to conduct an audit before releasing the figures.
Johnson Asiedu Nketia, general secretary of the NDC, told reporters they have “confidence in the resilience and truthfulness” of the commission. “If anybody has a problem with mathematics that should not be visited on the nation.”
Ghana’s Supreme Court has jurisdiction over disputes with the presidential vote results, according to a document on the judiciary’s website.
The Coalition of Domestic Election Observers, comprised of 4,500 people, “can confidently assure all political contestants and the public that the official results announced by the Electoral Commission accurately reflect the ballots cast by voters,” it said in a statement to reporters today. All candidates should accept the results and “respect the will of the Ghanaian people.”
Ghana’s budget deficit widened to 7.3 percent of gross domestic product in the first nine months of the year from 1.9 percent a year earlier, according to the country’s central bank. By the end of the year, the gap may reach 7.5 percent, Khan said.
During the campaign, Mahama pledged to reduce the deficit to 5 percent, keep inflation below 10 percent and boost economic growth to at least 8 percent annually.
The former communications minister and member of Parliament said he would more than double electricity output to 5,000 megawatts and use oil and natural gas to expand manufacturing industries.
Tullow Oil Plc (TLW) pumps crude at the Jubilee field, with production forecast to reach 90,000 barrels of oil equivalent a day by the end of this year, from last year’s average of 78,200, according to the company. Tullow, Anadarko Petroleum Ltd. and Eni SpA are developing more wells, while AngloGold Ashanti Ltd. and Newmont Mining Corp. (NEM) are expanding their gold mines as prices for the metal rose 8.8 percent this year.
To contact the reporters on this story: Ekow Dontoh in Accra at email@example.com; Pauline Bax in Accra at firstname.lastname@example.org
To contact the editor responsible for this story: Nasreen Seria at email@example.com