The government has requested a new three-year International Monetary Fund (IMF) programme, following the conclusion of the existing programme, the Extended Credit Facility Programme, a statement by the IMF has confirmed.

The new three-year IMF programme, which the government has requested, known as the Policy Coordination Instrument, will require the IMF’s seal of approval for the government's policies over the next three years for credit-worthy ratings or otherwise.

The goal of the government in pursuing this new IMF programme, sources have indicated, is to allow the government free space to borrow more internationally as domestic revenue shrinks.

This is because under the new program, the IMF will subject Ghana’s policies and performance to reviews every six months and indicate whether Ghana is on track or not.

Without the seal of approval under the new program, Ghana would find it difficult to access credit from the international markets.

Meanwhile, experts indicate that even though Ghana has exited one type of IMF program (the Extended Credit Facility ) and entered into another type of IMF program (the Policy Coordination Instrument), the rigour of assessment under both programs is fundamentally the same.

Even though non-financing, its standards and requirements are as strong as other IMF programmes, as it requires countries that subscribe to pursue policies that meet the rigorous "upper credit tranche" quality standards, similar to a regular loan program.