By Kwasi Kpodo

ACCRA, Aug 15 (Reuters) - Ghana's ruling party has nominated the country's deputy central bank governor as running mate for its presidential candidate in elections later this year that are likely to be dominated by debates over economic policies.

The New Patriotic Party (NPP) named 45-year-old Mahamudu Bawumiah, who has also served as chief executive of the Ghana Cocoa Board, as running mate for Nana Addo-Dankwa Akuffo-Addo at a meeting late on Thursday evening.

"The nomination was endorsed by the National Executive Committee," the party said in a statement published on Friday.

President John Kufuor is due to step down in December after two terms at the helm in Ghana, one of Africa's brightest economic prospects. It is already a top gold and cocoa producer and should start pumping oil in 2010.

The centre-right NPP has been widely expected to secure an easy win in the presidential and parliamentary polls, thanks to economic successes during its eight years in charge.

But despite economic growth at over 6 percent and increased investment, the NPP will have to address popular discontent over soaring food and fuel prices. Inflation fell in July for the first time in 10 months, easing to 18.3 percent.

The centre-left National Democratic Congress (NDC) poses the biggest threat to the NPP and will likely play on public anger over the rising cost of living, and the controversial sale of Ghana Telecom to Britain's Vodafone <VOD.L>.

Bawumiah rose to the position of a deputy governor in 2006 after serving as the head of the Monetary Policy and Financial Stability Department of the Central Bank.

As the world's second largest cocoa exporter and Africa's second biggest gold producer, high commodity prices have boosted investment. Ireland's Tullow Oil <TLW.L> is due to start pumping 120,000 barrels of oil a day when its blocks come on line.

But the government had to introduce a collection of tax cuts in May to counter soaring prices that have wildly increased Ghana's fiscal deficit. The government's initial budget for this year forecast oil prices at $85, far off the peaks it has actually reached around $140 in recent weeks.

Analysts say last month's drop in inflation may point to inflation having peaked. The sale of Ghana Telecom for $900 million was timely and will send a positive signal to investors.

But it sparked complaints from the opposition that the government was selling state assets too cheaply. Supporters of the deal said Ghana was unlikely to find a higher bidder.

Another area of concern is the exchange rate. Ghana's cedi <GHS=> has depreciate 16 percent so far in 2008, adding to upwards pressure on imported food and fuel prices, analysts say. (Writing by David Lewis; editing by Alistair Thomson and Mary Gabriel)

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