President Elect John Mahama has announced that a transition team will be set up Monday to begin preparations for a handing over ceremony.

He said this when African Union (AU) Chair Yayi Boni paid a courtesy call on him at the Castle in Accra.

The transition team will manage the transfer of power from the outgoing Mahama-led administration to the incoming government under the same president.

It will also take inventory of all executive assets during the last presidential term.

President John Mahama ran as the National Democratic Congress candidate in Friday’s election, winning a narrow victory.

He beat the New Patriotic Party’s Nana Akufo-Addo by nearly 300,000 votes.

The president told the AU delegation that he has entered into consultations with key stakeholders in order to form the transition team within 24 hours of the declaration of election results.

He will be sworn into office on January 7, 2013, when he will begin a new four-year term.