Cedi depreciation: About $2bn to be injected into economy – Oppong Nkrumah

Information Minister, Kojo Oppong Nkrumah, has said the government is expected to inject some $2 billion into the Ghanaian economy shortly.

Kojo Oppong Nkrumah said the 750 million dollars expected from the Afremix Bank will hit the accounts of the Bank of Ghana this week, whilst the cocoa syndicated loan will add $1.3 billion.

Speaking to Citi News, Kojo Oppong Nkrumah assured us that the free fall of the cedi to the dollar will end soon as the local currency will be stabilized.

“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.

Mr. Oppong Nkrumah added that the government’s “expectation is that it will lead to quick stabilization.”

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.

Source:citinewsroom

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