This is not a common usage, but I assume it would mean what you think.
Maybe you could say, "Our president is powerless now, a figurehead."
Figurehead means that...like on an old ship, pretty but useless.
An American expression for a president who is serving out his term, but will not be re-elected (such as George Bush) is a "lame duck". Same way a "lame duck congressman" has been defeated, but still has some time to serve before the new electee takes power.