Finance Minister Dr Mohammed Amin Adam has stated that the anticipated $1.2 billion from development partners will bolster the local currency against major trading currencies.

He highlighted that the disbursements from development partners such as the International Monetary Fund (IMF), the World Bank, and the African Development Bank (AfDB) will contribute to strengthening the local currency.

During the inaugural monthly press briefing of the Finance Ministry on Tuesday, March 26, in Accra, Dr Amin Adam attributed the recent depreciation of the Ghana cedi to both domestic and international factors, with the currency currently trading at GH¢12.8 to a dollar.

The minister explained that international factors, particularly the appreciation of the United States dollar against major trading currencies, led to the depreciation of the local currency.

Additionally, Dr Amin Adam pointed out local factors contributing to the depreciation, including payments by the energy and corporate sectors, as well as the delayed disbursement of the cocoa loan, which intensified pressure on the local currency.

Nevertheless, the minister highlighted interventions that have helped mitigate the impact of depreciation, such as inflows from remittances, contributions from mining companies, and the Bank of Ghana's (BoG) local gold purchases.

Dr Amin further emphasised that planned disbursements for ongoing infrastructure projects will further bolster the local currency.

“To further stabilise the currency, we are expecting a total disbursement of about $1.2 billion from our Development Partners namely the IMF, the World Bank, and the African Development Bank before the end of 2024," he assured.