However, he added that the government was for now concentrating on a "home-grown" fiscal strategy.
Bolstered by relatively stable politics and exports of cocoa, gold and oil, Ghana has emerged in recent years as one of Africa's brightest economic prospects. However, it is grappling high inflation, a sliding currency and a budget deficit.
(READ MORE: Ghana hits a roadblock as fiscal instability undermines growth)
Ghana and the International Monetary Fund were due to discuss possible assistance at talks in Washington last month but Mahama said no decision had been taken to enter a programme.
"What we are concentrating on is the preparation of a home-grown strategy of fiscal consolidation. It is our expectation that both our domestic and international partners will join us in the implementation of this strategy," he said.
Ghana ended its last three-year, 600 million US dollar IMF programme in 2011.