Counting commenced in Ghana on Thursday after presidential and parliamentary polls closed, in what has been a close contest between President John Mahama and Nana Akufo-Addo.

Ceoafrica gathered that the majority of polling stations closed at 5:00 pm local time (17:00 GMT) on Wednesday.

The elections occurred at a time of severe economic decline and accusations of financial mismanagement on part of the ruling party.

For years, Ghana was one of Africa';s most dynamic economies. But it slumped in 2014 as commodities prices fell, and a fiscal crisis widened the budget deficit and elevated inflation.

Akufo-Addo';s New Patriotic Party says the government has mismanaged national finances, including revenue from oil from an offshore field operated by British company Tullow that became operational in 2010.

The government has denied the accusations and urged voters for vote it, arguing that growth would return to at least eight percent in 2017.

"Every Ghanaian should exercise their civic responsibility and come out and vote. The destiny of our country depends on it," Mahama said as he exercised his voting right in the town of Bole, Northern region of north Ghana.