Ghana's President-elect John Dramani Mahama has said he will not abandon the country's $3 billion rescue package with the International Monetary Fund, but wants to review the deal to tackle wasteful state spending and upgrade the energy sector.

Ghana’s former leader John Dramani Mahama was officially declared the winner of the presidential election on Monday after voters vented anger at the government’s handling of the economy.

John Dramani Mahama, who served as president from 2012 to 2017, is set to return to office after his main opponent, Mahamudu Bawumia, conceded defeat.

Ghana, the world's second biggest cocoa grower and major gold producer, is mired in its worst economic crisis in decades.

STORY: JOHN DRAMANI MAHAMA: "I am deeply honored and humbled to receive such an overwhelming endorsement from the Ghanaian people."Ghana's John Dramani Mahama pledged governance reforms and measures to "reset" the nation in a victory speech after winning Saturday's presidential election.

Ghana's opposition leader John Mahama officially won the country's election on Monday, easily defeating the ruling party candidate after voters punished the government's economic management and high living costs.