The vice president said he had accepted defeat before the official announcement of the results “to avoid further tension and preserve peace in our country.”
Although the election was generally peaceful, two people were shot dead in separate incidents on Saturday.
The office of the Electoral Commission in the northern town of Damonga was also vandalized, allegedly by NDC supporters angered by delays in the declaration of results.
Mahama, 65, previously led Ghana from 2012 to 2017, when he was succeeded by Akufa-Addo. Mahama also lost the 2020 election, so this victory marks a stunning comeback.
Mahama’s National Democratic Congress (NDC) and the NPP have alternated in power since the return of multi-party politics in Ghana in 1992.
No party has ever won more than two consecutive terms in power – a trend that looks set to continue.
Mahama’s previous time in office was marred by a deteriorating economy, frequent power outages and corruption scandals.
However, Ghanaians hope that this time things will be different.
During the campaign, Mahama promised to turn Ghana into a “24-hour economy”.
The new president will be sworn in on January 7, 2025.
Additional reporting by Natasha Buti in London