President John Dramani Mahama, has said he hopes this will be the last time Ghana seeks a bailout from the International Monetary Fund (IMF).

Speaking during the Resetting Ghana tour in the Savanna Region, he said Ghana must manage its affairs so it does not have to go “cup in hand” to beg for bailouts.

He noted that the IMF programme inherited by his administration was at risk and required urgent corrective measures to restore stability as his administration acted swiftly to stabilise the programme and ensured compliance.

"We have also come to the end of the IMF programme we inherited the IMF programme from the previous government and the time we took over from the previous government, all the agreed performance indicated was out of track, it meant that all the programme was in danger of derailment.

"So in the first quarter after we took over we had to take some strangerd action to bring the programme back into alignment and bring it back on track and I'm happy to reports that we're able to do that.

President Mahama said successive IMF missions have assessed Ghana’s progress positively.

He explained that the first mission approved the programme, as well as the second, and the final mission departed last week after giving a satisfying performance assessment.

The board is now expected to approve the release of the final tranche of $380 million to support the Ghanaian economy.

He added that the government and the IMF have agreed to replace the Extended Credit Facility with a Policy Coordination Instrument.

Under the new arrangement, Ghana and the IMF will meet every six months to review reform progress and ensure continued fiscal discipline.

"We are not going to have a Kenkey party because we believe that it's still a work in progress unlike others who left the IMF and threw a waakye party, hoping to be free from IMF we are not doing that because we know that our economy still needs a lot of work to be done.

"So we've agreed with the IMF to replace the extended credit facility with a policy coordination instrument, it means that every six months we and the IMF will sit down look at how our reforms are going whether we're still maintaining the discipline that we started with or things are not going well, and there's no bailout involved in this," he said.