According to an official of the Fund, negotiations are still ongoing with Ghanaian authorities over an agreement.

“I don't really have any fresh guidance on Ghana, per se, in terms of developments,” remarked William Murray, the Deputy Spokesperson at the Communications Department, last Thursday.

He was addressing journalists in IMF’s final press briefing of the year.

Mr Murray, however, acknowledged that concrete steps are being taken in Ghana to clean up the government payroll and, also, seek external financial assurances from bilateral donors and international institutions.

“Once this work is completed a financial arrangement to support Ghana's economic program could be agreed at staff level before being proposed for the IMF Executive Board's consideration.”

He indicated that currently “we are still working with Ghana in terms of nailing down details of policies that could be supported by the Fund and its Executive Board.”

Ghana approached the Fund in August for a programme, which many regard as a bailout.

But it seems the start date of January 2015 announced by President John Dramani Mahama may elude the discussion parties.

Ghana is expected to run a three-year programme once it starts.