Focusing on how the economy performed last year, in terms of the GDP numbers, would be a major priority of the IMF team that will be in Accra from the 6th to 20th of next month, Joy Business has gathered.
Sources say this would mean that that it may be difficult to conclude negotiations early next month, the initial deadline that government was looking at.
The Fund usually after negotiations with a country for the program forwards their recommendations to their board for approval. This could also mean that, the Board of the IMF is likely to meet and consider Ghana's program for approval by December this year.
The new timelines for concluding the talks could also have some implications for the country's budget which is often presented by the second week in November.
But Joy Business sources close to the bail-out negotiations say Ghanaians might have to brace themselves for some tough times ahead, if the program takes off next year.
Joy Business gathers that the IMF is proposing some tax hikes to take care of shortfalls in revenue and the budget overruns.
Some of the proposals, sources say include a 17.5 percent VAT on petroleum products, review of some taxes paid by companies in the country and government reviewing subsidy programmes, especially for petroleum products.
However, some have argued that, if the IMF should approve Ghana’s request for a three year program, then government might be forced to carry out a "crush program” in 2015 which some economists have argued could come with some serious shocks for the economy.
Meanwhile a member of Ghana's negotiations team has indicated the country's program with the IMF is likely take off before the end of the first quarter of next year.
Employment and Labour Relations minister Haruna Iddrisu says government is committed to going ahead with a program that would put the interest of the Ghanaians first.
Posted by IE
Latest Stories
- Reset your priorities – Sammy Gyamfi tells government
6 mins - Climate-smart agricultural practices should be linked to household food security – Climate expert
13 mins - Accra Visual Arts Week is back
21 mins - Let’s generate African data to empower our AI systems – Computer scientist
36 mins - Livestream: One-on-one with Fifi Kwetey on PM Express
41 mins - I won’t let politics destroy our brotherhood – Fred Nuamah on fracas with John Dumelo
49 mins - IMF Executive Board approves US$3bn under new Extended Fund Facility arrangement for Sri Lanka
57 mins - 10 enthralling reasons to tune into Joy Prime channel
1 hour - Abolish Section 27 of CAP 127 which makes Islamic marriages invalid – Dwomoh
2 hours - Former Minister for Monitoring and Evaluation, Dr Akoto Osei dies aged 64
2 hours - Akufo-Addo’s silence on corruption in SONA was as loud as his guilt – Asiedu Nketia
2 hours - Economic crisis: Ghanaians want relief not flimsy excuses – Asiedu Nketiah tells Akufo-Addo
2 hours - Reduce all ex-gratia payments to one-third – CAC Ghana Chairman
3 hours - Corruption has defeated your family and friends government – Asiedu Nketiah tells Akufo-Addo
3 hours - Ada boat disaster: Owner arrested for overloading boat – NADMO
3 hours