We’re borrowing $2 billion to stabilize the Cedi – Kojo Oppong Nkrumah
The Information Minister, Kojo Oppong Nkrumah has revealed that government is about to inject an amount of $2 billion into the economy to curb the depreciation of the Ghanaian Cedi.
He said the cocoa syndicated loan will release $1.3 billion whilst $750 million is expected from Afremix Bank.
“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,” he said.
Based on this, Kojo Oppong Nkrumah emphasized that the depreciation of the cedi against the dollar will end soon and be a thing of the past.
He, however, called on those reserving the dollars to sell them. “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,” he told Citi FM.
The Ghanaian cedi is currently ranked by Bloomberg as the world’s worst-performing currency after Sri Lanka’s rupee.
By: Agaatorne Douglas Asaah | myactiveonline.com
