Ghana is expected to open formal negotiations with the International Monetary Fund(IMF) next Tuesday in Washington DC.

Joy Business gathers that this will be the actual negotiation that would lead to Ghana reaching a deal with the IMF for possible program.  

The October 14 meeting would largely influence the  programme that Ghanaian authorities are hoping to finalise  with the IMF.

The meeting is expected to end on the October  18.

IMF sources say a mission by the Bretton-Woods institution to Ghana last month did not achieve much in terms of serious progress on Ghana's program.

This is because the mission only focused on scrutinsing economic data on Ghana, engagement with private sector and Ghana's donor partners.

The IMF had to do this due to what some persons close to the  mission are describing as "challenges" the Washingtion-based lender encountered with the Ghanaian authorities during their visit. 

The sources say the Fund is likely to push for a  freeze on any salary increment in the public sector to help address Ghana's rising debts, which the IMF says currently stands around 65 percent of Ghana's GDP.

This accordng to IMF would also ensure that the country's rising wage bill is contained.

Again the Fund could recommend some tax hikes to make up for the revenue shortfalls or ensure that government's revenue matches its expenditure.

President John Mahama has already indicated that Ghana would be seeking a three-year program with the Fund.

However some analysts have maintained that if the IMF should have their way with respect to their proposals, then Ghanaians should brace themselves for some though times if negotiations are sealed by October, for take off in January 2015.