“I want to thank him for being gracious in his concession after what will go down as one of the most closely contested elections in Liberia’s political history," Mr Boakai said.

A former vice-president, Mr Boakai won a run-off election after securing 50.64% of the vote to Mr Weah's 49.36%.

Mr Boakai takes office in January when Mr Weah steps down.

The president-elect said he would form a transitional team to work with the Weah government to ensure a smooth handover of power.

In a speech delivered from his private office in the capital, Monrovia, Mr Boakai thanked Liberians for electing him.

"You have placed your trust in me to lead with the demand for the change you want. And that change begins now.”

"Our country is not poor; the problem with our country is bad leadership in all facets of society, including the institutions of the state," Mr Boakai said.
He also vowed to tackle "the major problem of corruption in government especially in high places”, and to spearhead development, including the building of roads.