Ghana’s Central Bank has received the first tranche of the $918 million bailout package from the International Monetary Fund (IMF).

The $114 million hit the accounts of the Bank of Ghana Tuesday, April 14, 2015.

The amount is expected to shore up the ailing Cedi which has already depreciated by close to 15 per cent this year after a marginal stability in the last quarter of last year following the infusion of $2.7 billion into the economy through an oversubscribed $1-billion Eurobond instrument and a $1.7-billion syndicated loan from the Ghana Cocoa Board.

The Cedi is selling at almost Ghc4 to $1 on the forex market. It is feared it could fall further if the $114 million delays further.

The Executive Board of the IMF on Good Friday approved a three-year arrangement under the Extended Credit Facility (ECF) for Ghana in an amount equivalent to SDR 664.20 million (180 percent of quota or about US$918 million) in support of the authorities’ medium-term economic reform programme.

The programme aims to restore debt sustainability and macroeconomic stability to foster a return to high growth and job creation, while protecting social spending.