Nairobi/Accra  - Polls opened in Ghana early Sunday morning in a two-horse presidential race that will decide who leads one of Africa's most stable democracies into the oil era.

Nana Akufo-Addo for the ruling New Patriotic Party (NPP) and John Evans Atta Mills for the opposition National Democratic Congress (NDC) are running neck-and-neck to replace John Kufuor, who must step down in January after serving two terms - the constitutional limit.

With another six candidates looking for their share of the vote, most analysts believe that a run-off on December 28 looks likely.

Kufuor has revived the Ghanaian economy by bringing pro-market reforms and political stability. Economic growth has been strong, and the NPP is saying it should be given the chance to continue its work.

However, despite the growth and the fact that Ghana is the second-largest cocoa grower in the world and Africa's second-biggest producer of gold, there is still widespread poverty among ordinary Ghanians.

The NDC is pointing to this to say change is due.

Both main parties are promising good governance when it comes to revenue from newly discovered oil due to come onstream in late 2010.

Ghana's National Petroleum Corporation (GNPC) expects 120,000 barrels per day rising to 250,000 within two years.

Oil as proven to be as much of a curse as a blessing for many African nations, with countries such as Nigeria facing constant accusations of graft and attacks by militant groups who say local people do not benefit from the oil industry.

While Ghana has largely avoided election troubles in recent years, the closeness of the race has led some organizations to warn that the violent scenes that followed elections in Kenya, Zimbabwe and Nigeria this year could be repeated in Ghana.

The Accra-based Kofi Annan International Peacekeeping Training Centre (KAIPTC) said in a recent study that the potential for violence is widespread.

However, Alex Vines, the head of London-based thinktank Chatham House's Africa Programme, said that he believed lessons have been learned from Kenya and that monitors were in position early.

The European Union has an election monitoring force in place, as do many local organizations, while police officials say they have identified potential flashpoints and are keeping a close eye on them.

Over 12 million people are registered to vote.

The results of both the presidential election and the simultaneous parliamentary election are at the latest 72 hours after the polls close at 2000 GMT. (dpa)