President John Dramani Mahama has indicated that Ghana will be guided by mistakes made in the past regarding consultation of the International Monetary Fund (IMF) in order to make the programmes successful.

Ghana is in consultation with IMF to salvage the economy from collapse.

It is the latest consultation of the Bretton Woods institution after the JJ Rawlings-led government did so for the first time in 1983.

But President Mahama, speaking at Harvard University in New York last Friday, said: “The Ghana that I find myself governing today is not the same Ghana that, in 1983, approached the IMF for assistance.

“We have learned so much from our past mistakes.”

Speaking on the theme “Economic Governance in Unchartered Waters”, President Mahama said the lessons learnt will guide the country especially in “our recent oil discovery”.

“Likewise, the IMF that we are approaching today is an institution that has broadened its vision and adopted a more holistic approach to the assistance it offers.

“In the most fundamental ways, this has the potential to be an auspicious partnership.”

The IMF is expected to roll out its three-year programmes from January next year after holding discussions with Ghanaian authorities between September 16 and September 25.

It has described those discussions as "candid" and "constructive".