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Head of International Monetary Fund (IMF) mission to Ghana, Joel Toujas Bernate is recommending an immediate release of funds to Ghana to help stabilize the economy.

About 114 million dollars from the IMF is therefore expected to hit the accounts of Bank of Ghana in the coming days.

This follows the approval of a bailout program by IMF Board for Ghana.  In all, 914 million dollars will be advanced to Ghana over three years.  

However, responding to a question posed by Joy Business, via teleconference, at a press briefing at Washington DC today, Mr Bernate mentioned some critical performance criteria that will aid the disbursement of additional funds. They included policy reforms, improving public finance administration and Bank of Ghana’s reserves and monetary policy reforms.

Joel Toujas Bernate also added that the Fund has secured President John Mahama’s commitment to implement the program to the letter.  Many workers are dreading a possible retrenchment under the programme, but the Head of the IMF mission to Ghana stated categorically that such an exercise was never part of the negotiation. If there would be any retrenchment, the decision rests with the government of Ghana.