The Ghana cedi is will be one of the immediate or major beneficiary of the first tranche of the bailout programme approved by the International Monetary Fund (IMF).  

Deputy Finance Minister Ato Forson says he believes the fortunes of the cedi should improve "greatly" when the $114 million is released to the Bank of Ghana.

Speaking to Joy Business, he said a positive appreciation in the cedi will be noticed in the coming days when the money is released although the dollar has been quite stronger over the past months.

He is convinced that the IMF programme is the best for the country at the moment because it will signal confidence in the economy.

However, Currency and Investment Analyst Derrick Mensah belives it might take a while for the cedi to react to the inflows from the IMF.

He noted that businesses and individual will begin to hoard the dollar even if they do not immediately need it for the purposes of transaction.

He said he doubts if the $114 million released by the IMF will cause any significant changes in the economy because it is insignificant.

The IMF on Friday April 3, 2015 approved Ghana’s request for a bailout to stabilise the country’s economy.

Ghana is expected to get 918 million dollars spread over three years following the board's approval. 

For many, the funds could not have come at a better time as one of the main causes of the cedi’s depreciation has to do with the limited supply of dollars.

According to the Mission Chief for Ghana at the IMF, Joel Toujas-Bernate the $114 dollars should hit Bank of Ghana's account in the coming days.  

Finance Minster Seth Terpker has already indicated that the bailout will be used to shore up Bank of Ghana’s declining reserves