Government has in a letter to the IMF outlined plans to clear arrears owed some contractors, banks and state institutions. 

According to the letter 1.6 billion Ghana cedis will be paid this year, 1.7 billion cedis in 2016 and while the remaining 2.1 billion will be cleared in   2017.

Government is hoping to pay the Bulk Oil Distributors about 300 million Ghana cedis in this year. 

However the Electricity Company of Ghana would have its 720 million Ghana cedis debts cleared over a five year period.

This according to government is to ensure that the plan for clearance stays within Government’s medium term strategy. 

In a related development, Government is believed to have spent about 300 million Ghana cedis on the recent floods that hit the country. 

Documents sighted by Joy Business reveal these funds went to cover, payment of hospital bills, provision of relief items and resettlement cost.