Outgoing president John Mahama has conceded defeat in grace to president-elect Nana Akufo-Addo promising to offer his support and experience to the incoming president.

In a solemn speech of concession, two hours after a new president was announced by the Electoral Commission chair, the president said: "I have done my bit and made my contribution to the development of my country."

Flanked by his vice Kwesi Amissah Arthur, and party chairman Kofi Portuphy, the president assuaged the pain of his followers who had gone into the election well oiled for victory but came out vanquished.

"One person can only emerge winner and be elected president," he said, adding, "every election is an opportunity for people to have a say in who will lead them." 

"The true winner is Ghana," he said in a strained voice.

The president's desire for a personal second term, and a third term for the party, did not see the light of day after Ghanaians overwhelmingly voted for the NPP flagbearer.

In the end, he put in a call to congratulate his biggest adversary after the figures showed he was trailing. He said although there were irregularities he decided not to pursue the matter and let unity prevail.

He did that even before the Chairman of the Electoral Commission declared Nana Akufo-Addo as the president of Ghana.

After the declaration and the acceptance speech by the president elect, president Mahama said he would have cherished to do more but still respects the will of the people Ghana.

"This is not the outcome we waited for," he said but noted "I live it to history to be the judge of my time."

The outgoing president said he is ready to assist the incoming president through the transition period and offer any help if called upon.

President John Mahama thanked members of his campaign team and all Ghanaians for the support given him thoughout the period of his tenure.