President Nana AKufo-Addo has said it is time to define who a Ghanaian is, adding that being a Ghanaian must stand for something.

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"It is time to define what ought to mean. must mean you sign up to a definable code of conduct," he said in his inaugural address at the Independence Square.

Speaking to a sea of cheering people numbering over 10,000 packed at the Square, Mr Akufo-Addo said: "Being a Ghanaian is an obligation on each of us to work to building a fair and prosperous nation."

Mr Akufo-Addo among other things promised to guard the public purse for the improvement of the livelihoods of all Ghanaians.

"We must restore integrity in public life and ensure that state coffers are not exploited," he said. "I shall protect the public purse by ensuring value for money... We will provide vision and direction and shine the light for our entrepreneurs."

He added: "I am determined to do all in my power to accomplish the task of the mandate and justify their confidence. I will not let you, the people of Ghana, down," he said.

The president also promised to harness the potentials of the youth for the development of the country.

He also thanked his predecessor for his service to Ghana.

"He stepped into…national leadership at a delicate moment in the country’s history. He got into office for the first time of the death of a sitting president, the late professor John Evans Atta Mills," said. "He [Mahama] has since steered the ship of state with conviction."

Several dignitaries and foreign diplomats graced the occasion, which saw the president of Ivory Coast, Alassane Ouattara, as the special guest of honour.

The presidents of Zambia, Equatorial Guinea, and Kenya, Egdar Lungu, Teodoro Obiang Nguema Mbasogo and Uhuru Kenyatta, respectively were present.

Other prominent persons who graced the occasion were Ali Bongo Ondimba of Gabon, Ethiopian Prime Minister Hailemariam Desalegn, Iranian president Hassan Rouhani, Indonesia’s Joko Widodo, Ernest Bai Koroma of Sierra Leone and former UN Secretary General Kofi Annan.

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Egypt’s Abdel Fattah el-Sisi, Ibrahim Boubacar Keita of Mali and a representative each from Mauritius and the USA. Africa’s richest man Aliko Dangote was also present.

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Members of parliament, opposition political party leaders, the clergy, traditional rulers and a section of Ghanaians clad in white and NPP apparel witnessed the ceremony.

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Akufo-Addo beat ex-president John Mahama and five other candidates in the December 7 election by securing 53.85 per cent of valid votes cast to win the contest for the presidency.