Voters in Cape Verde have elected opposition candidate Jorge Carlos Fonseca as their new president in a runoff election.

With most of the votes counted late Sunday, Fonseca led with 54 percent of the vote over Manuel Inocencio Sousa of the ruling African Party of the Independence of Cape Verde .

Sousa has conceded defeat and congratulated Fonseca, who also won the first round of voting two weeks ago.

Fonseca, a former foreign minister, will succeed President Pedro Pires, who is constitutionally barred from seeking a third term.

Cape Verde, an archipelago off the coast of West Africa, has enjoyed stability and steady economic growth in recent years despite chronic drought.

The president is the official head of state though most power rests with the government and parliament. The ruling PAICV won parliamentary elections in February.