Malawi’s President Lazarus Chakwera has conceded defeat in this month’s presidential election to his rival and predecessor, Peter Mutharika, in the largely poor Southern African nation, battered by soaring costs and severe fuel shortages.
“It is only right that I concede defeat out of respect for your will as citizens and out of respect for the constitution,” Chakwera, 70, said in an address.
“It was clear that my rival Peter Mutharika has an insurmountable lead over me,” he added.
“In the days that remain, I want you to know that I am committed to a peaceful transfer of power,” Chakwera said.
While the Electoral Commission was due to release the results of the vote at a briefing later on Wednesday , official results released so far show ex-president Mutharika has gained a strong lead over Chakwera.
Last week, citizens took to the polls to vote on the country’s next leader, in a vote that analysts predicted would be one of the most tightly contested elections in the country in recent history between Mutharika and Chakwera, the candidates of the two biggest parties in Malawi’s parliament.
However, the dire state of the economy dominated the election, with critics accusing the president of mismanagement and indecisiveness.
Since Chakwera was elected in 2020, the country has experienced economic stagnation.
Costs soared in the impoverished agricultural nation, with inflation reaching 33 percent and the price of food, maize and fertiliser increasing.
According to the World Bank, nearly three-quarters of Malawians live below the $3 a day poverty line.
In comparison, former law professor Mutharika, 85, was credited with improving infrastructure and lowering inflation during his presidency from 2014 to 2020. However, critics accused him of cronyism, which he denied.
In 2019, Mutharika’s 2019 election victory was annulled by a constitutional court due to irregularities, including the use of correction fluid on results sheets.
In the re-run the following year, Chakwera secured his victory.
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