The move is expected to help curb the free fall of the Ghana Cedi against the dollar and other major currencies.
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Government to inject $2bn into economy to curb cedi depreciation - Oppong Nkrumah
The government is expected to pump into the struggling economy some $2 billion soon, according to Information Minister, Kojo Oppong Nkrumah.
Information Minister, Kojo Oppong Nkrumah
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In an interview with Accra-based Citi FM, the Information Minister opined that 750 million dollars of the amount is expected from Afremix Bank and the remaining $1.3 billion from the cocoa syndicated loan.
“The Bank of Ghana introduced a number of measures in the short term to deal with it and on the back of that… the $750 million that we were expecting, all the paperwork has been concluded, and it should be hitting our accounts today or tomorrow.”
“If I were you, and I was holding onto dollars, I would be selling them by now because there is a lot more dollar coming in from the $750 million and also from the Cocoa Syndicated Loan of about $1.3 billion,” the minister said.
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Kojo Oppong Nkrumah further stated that government is of the belief that the money coming in will lead to quick stabilisation of the Cedi.
The cedi has dropped by at least 35 percent in 2022, according to Bloomberg, making it the world’s worst-performing currency after Sri Lanka’s rupee among 150 economies tracked.
In a related development, the Ghana Union Traders Association (GUTA) has announced that its members will close their shops on Monday, August 29, 2022, in protest of the free fall of the Cedi and economic hardship.
Speaking at a press conference in Accra, the President of GUTA, Dr. Joseph Obeng said the rapid and continuous depreciation of the Cedi, coupled with the continuous rise in the interest rate and high inflation rate are affecting their businesses.
He called on the government to as a matter of urgency wake up and see the depth to which businesses in the country are crumbling as a result of the exchange rate.
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