"I congratulate our new president-elect wholeheartedly, and I also commend President Mahama for graciously conceding defeat" said Mr Annan.

"Mr. Akufo-Addo will be taking over at a time of economic difficulties but he has the skills and experience to help the country face up to this challenge."

Annan also praised the people and authorities of Ghana for ensuring a peaceful campaign and for their calm while awaiting the announcement of the results by the Electoral Commission.

"The people of Ghana have proved worthy of our democratic tradition" he stated.

The Electoral Commission announced late on Friday that Mr Nana Akufo-Addo had secured 53.85% of votes, against his chief rival, the incumbent President John Mahama, who received 44.4%.

National and international observers called the elections free and fair.

Mr Annan noted that at a time when democratic traditions are being challenged in some countries in Africa and beyond, a peaceful transition of political power in Ghana "makes me feel proud to be a Ghanaian."