Ghana's new President, John Agyekum Kufuor, on Sunday called for collective efforts to revive the ailing economy, reconcile the people and build on the evolving democratic dispensation.

"We have work to do and that starts today. Our greatest enemy is poverty. And the battle against poverty starts with reconciling our people and forging ahead in unity," Kufuor said in his maiden speech shortly after he was sworn in as Ghana's fifth President.

The ceremony, marked with pomp and colour, attracted a milling crowd of mostly party functionaries, draped in the colours of the New Patriotic Party (NPP) - red, blue and white - at the seafront Independence Square.

Those present included President Olusegun Obasanjo of Nigeria, Abdoulaye Wade of Senegal, Blaise Compaore of Burkina Faso, Togolese President Gnassingbe Eyadema, South African Vice President, Jacob Zuma and former Nigerian military ruler, General Abdusalami Abubakar.

Kufuor said Ghana has gone through turbulent times, adding that although the wrongs committed in the past cannot be brushed away, they could be forgiven.

"I do not ask that we forget. Indeed, we dare not forget. But I do plead that we try to forgive," he said.

Kufuor paid tribute to foreign donors for their past support of Ghana and appealed to them to continue to assist the country overcome the current economic challenges, particularly in the relief of debts.

He said presently Ghana spends one-fourth of her revenue annually on debt servicing.

The new leader pledged hard work and sacrifice by his administration in order to cut down waste and corruption.

"There will be, under this administration, zero tolerance of corruption," he declared, adding that he would personally set the example.

"We shall also cut our coat according to the size of our cloth and utilise whatever help we get in the most appropriate manner," he said.

Kufuor paid tribute to his supporters saying they have worked so hard to bring victory.

He gave the assurance that multi-party will thrive in Ghana and invited Ghanaians living outside the country to return home and help rebuild the nation.

"I pledge that it will not be a case of one set of Ghanaians coming back from exile to be replaced by another set of Ghanaians going to exile. Multi-party democracy is here to stay.

"There is room for differences of opinion, our political opponents have their honoured roles to play and I urge all of us to extend the same tolerance to each other that we want for ourselves."

The president paid glowing tribute to Ghanaian women for their "remarkable" contributions to the economy.

He announced that his government would establish a Ministry of Women Affairs to harness policies affecting their interest.

He condemned the murder of women that has plagued the nation and promised to do his best to ensure that the police give the highest priority to solving it and bringing the perpetrators to book.

Kufuor also paid tribute to "those who led the struggle for a return to constitutional rule in the past 20 years." He did not elaborate.

He further pledged his commitment to democratic principles, especially the rule of law and fair justice, irrespective of tribe, religion or political affiliations.

He particularly challenged the judiciary to work "to renew and restore the faith of our people in the administration of justice" in order to win investor confidence, saying his government would support every feasible business venture.

"Ghana is open for business," he declared, in an apparent invitation to foreign investors.

He charged Ghanaian farmers to accept the challenges of new work ethics, embrace new methods and constantly update their skills to make Ghana an integral part of the global economy.

He made a special plea to the various branches of government to join in nation building, adding that the nation cannot afford to waste anymore time and energy.

"Our people have been very patient but they will not forgive us if we do not start work immediately," he added.

Conspicuously absent at the ceremony were ex-president Jerry John Rawlings and ex-vice president John Atta Mills.

They had attended the inaugural ceremony two hours earlier.