Accra, July 8, GNA - Government has so far transferred an amount of 386.283 billion cedis to the GETFund as at the end of May this year. Mr Yaw Osafo-Maafo, who announced this at a press briefing, said a total of 204.073 billion cedis were paid into the Fund at the end of June to cover the period from January to April. An additional 43.843 billion cedis was paid in respect of May. The Minister said in accordance with legislation, government had decided to release funds into the GETFund on a monthly basis with a month's lag.

Mr Osafo-Maafo said besides being current with the payment of the GETFund, road contractors had been paid 132.8 billion cedis of outstanding arrears while 182.7 billion cedis had been used to settle non-road arrears at the end of June.

He said monetary developments within the first five months of this year showed a significant reduction in the growth of key monetary aggregates such as reserve money, which fell by 11.3 per cent.

The Minister said the country had also improved its gross international reserves to about 820 million dollars, representing about three months of import cover.

Mr Osafo-Maafo said receipts from Cocoa in the first half of the year amounted to about 195 million dollars compared to about 101 million dollars during the same period last year.

"The receipt of 64 million dollars in balance of payments support from the IMF and 128 million dollars credit from the World Bank towards the end of June 2003 bolstered foreign exchange receipts," he said.