With nearly all ballot counted, President George Weah of Liberia, has lost the presidential election to the opposition leader and former Vice President, Joseph Boakai, after a tight race.

President Weah of Congress for Democratic Change, Friday conceded the election defeat to Boakai of Unity Party, who was also Weah's challenger in 2017.

The election ends a presidency marred by graft allegations but helping to ensure a smooth transition of power in the once volatile African nation.

Boakai, 78, a former vice president who lost to Weah in the 2017 election, led with 50.9% of the vote over Weah's 49.1%, with nearly all the votes counted, the country's elections commission said on Friday.

The opposition candidate holds an unassailable lead of 28,000 votes with nearly all ballots counted.

The president referred to the closeness of the race saying it "reveals a deep division within our country" and called on Liberians to "work together to find common ground... unity is paramount for mama Liberia".

The result marks a stark turnaround from 2017, when the soccer legend Weah, buoyed by a wave of hope, defeated Boakai with 62 percent of the vote.

Many have since grown disillusioned with increase level of poverty, unemployment, food insecurity and poor electricity supply persist under Weah.

In an address to the nation Weah said "the Liberian people have spoken and we have heard their voice".

“Tonight, the CDC has lost the election, but Liberia has won. This is a time for graciousness in defeat, a time to place our country above party, and patriotism above personal interest . . . Let us heal the divisions caused by the campaign and come together as one nation and one united people.

"A few moments ago, I spoke with president elect Joseph Boakai to congratulate him on his victory," Weah said on national radio. "I urge you to follow my example and accept the results of the elections," he said further.

Weah's concession paves the way for Liberia's second democratic transfer of power in over seven decades - the first was when Weah swept to power six years ago.

His comments stood out in West and Central Africa where there have been eight military coups in three years, eroding faith in democratic elections.

When elections do go ahead in the region, accusations of fraud abound and results are frequently contested in court.

Instead, Boakai supporters in the capital Monrovia danced, shouted and honked car horns in the rain after the near-final results were announced.

"We have a job ahead of us to do and I'm excited that the citizens have given us approval," Boakai told Reuters shortly after the results were announced. "First and foremost, we want to have a message of peace and reconciliation."

Boakai, a career politician, emerged neck-and-neck with Weah in the first round of voting in October but below the 50% needed to secure an outright victory, leading to Tuesday's run-off.

Liberia is struggling to recover from two civil wars that killed more than 250,000 people between 1989 and 2003, and from a 2013-16 Ebola epidemic that killed thousands.

Many felt that Weah did not follow through on promises to alleviate poverty and improve the country's crumbling infrastructure.