Breaking News

Tweet TWEET

Ouattara’s Party Widens Lead in Ivory Coast Parliament Vote

Ivory Coast President Alassane Ouattara’s party increased its lead in the first legislative elections the world’s biggest cocoa producer has held in a decade, a contest the United Nations called a positive step toward national reconciliation.

Ouattara’s Rassemblement des Republicains had 46 seats, while the Parti Democratique de la Cote d’Ivoire, which supported the leader in the November 2010 presidential poll and is now part of a governing coalition, had 29 seats, according to the country’s electoral commission. Independent candidates had 17 seats. As many as 1,160 candidates were vying for 255 seats in the Dec. 11 election.

The party of former leader Laurent Gbagbo, who faces charges of crimes against humanity at the International Criminal Court, boycotted the National Assembly vote. Gbagbo’s refusal to accept defeat in last year’s vote sparked five months of violence that killed as many as 3,000 people.

“This election is an important step towards the full restoration of constitutional order in Cote d’Ivoire and should contribute to national reconciliation,” United Nations Secretary-General Ban Ki-moon said in a statement published on the UN’s website dated Dec. 12. Candidates should “preserve the peaceful atmosphere” as ballots are counted, he said.

Ouattara, 69, wants to guarantee farmers as much as 60 percent of the international cocoa price to spur investment and output of the chocolate ingredient. Those plans are part of wider measures in the industry, including dissolving regulatory bodies, required by the International Monetary Fund before it considers debt relief for the West African nation.

Eurobonds

Ivory Coast’s economy is recovering from a civil war sparked by the post-election crisis that stalled output in the first quarter. The Finance Ministry projects economic expansion of 8.5 percent in 2012 from a 5.8 percent contraction this year. Better management of the economy may help the government resume interest payments on defaulted $2.3 billion Eurobonds in June, Norbert Kobenan, an aide to the finance minister, said Nov. 21.

The yield on the bonds, which the country defaulted on in January, fell 25 basis points to 14.052 late yesterday in London, according to data compiled by Bloomberg. On Dec. 9, the price fell to the lowest since March, closing at 48.375 cents on the dollar.

Gbagbo, 66, was charged at the ICC in The Hague last week after being captured in Abidjan in April when Ouattara’s forces, with support from United Nations and French troops, took over the city. Several members of Gbagbo’s Front Populaire Ivorien party, which had ruled for a decade, were arrested or left the country.

To contact the reporters on this story: Olivier Monnier in Abidjan via Accra at omonnier@bloomberg.net; Pauline Bax in Abidjan via Accra at pbax@bloomberg.net

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.