The visiting International Monetary Fund (IMF) staff mission to Ghana on Monday began work to assess the country's performance in completing work on some targets under the Fund program.

The exercise could impact positively on the proposed IMF board meeting date and the release of some $500 million from Ghana' donors.

The IMF team, which is lead by its mission Chief, Joel Toujas Bernate is expected to finish its work possibly by September 2.

The team is expected to look at the impact of the passage of the Bank of Ghana (BoG) Act, which allows government to borrow up to five percent of previous years revenue from the Central Bank and how it will affect the IMF program.

It will also look at the state-owned organisations' debt situation and how government is working to stop the financial bleeding including assessing their debt situation on banks.

It will also finalise work on the current fiscal situation in the country.

The visit has been influenced by difficulties in meeting some critical targets under the program, which forced the IMF to review the proposed date for its board meeting to assess Ghana’s performance under the third review on two occasions.

The IMF is now proposing, the middle of October, although this will be based on a quick and positive conclusion of these discussions.

But this uncertainty has not gone down well with some economists like Dr Joe Abbey. He is worried that the development could affect the economy badly when it comes to investments in the country's Eurobond.  

He said there could be very serious implications for the economy if the Fund is unable to give the approval of senior management.

Ghana, he warns, must watch out for rating agencies, newswires services and investors as the yields on the Eurobond may affect.

But the Deputy Minister of Finance, Mona Quartey believes government is committed to the Fund program and it will pass the third review. 

"The Fund themselves have said they are looking at mid-September, most likely that is the date they will go to Board because a lot of work is going on to get the Board meeting," she said.

"Ghana would conclude this extended Fund program for three years and we would conclude it successfully. Already there is no doubt that we are on track and we have achieved a lot of the prior condition," she added.

Regarding the uncertainty in date and whether the Fund would give Ghana the approval it seeks as well as how the whole process is affecting investor confidence, Mrs Quartey said she people are looking on what would happen but not necessarily worried.  

According to her, investors always adopt a wait and see approach to study what is indicators before they get their green light to act or move forward. 

"Right now we have outstanding in the 2017 on that Eurobond which matures in 2017 with only $400 million more to mature and we are working as part of our debt management strategy to retire that bond successful so that Ghana would stay on track in terms of economic success.

For some this visit is very crucial, because if Ghana is able to make some strong progress, then the IMF staff could fast track their report and forward it to the Executive Board for quick approval. 

It could also convince the Ghana partners that the country is on track to stabilizing the economy, so they can start releasing some $500 million which has been frozen before of this review delays.

Some financial analysts are also of the view that quick completion of the third review could impact positively on government's plans to know how the issue its fifth Eurobond if market conditions improve.