The Information Minister has said some dollars will be injected into the economy soon to halt the sharp depreciation of the Ghanaian Cedi.
Kojo Oppong Nkrumah said about $2 billion will hit the government’s account shortly.
For the breakdown, he said $750 million is expected from the Afremix Bank this week, whilst the cocoa syndicated loan will add $1.3 billion.
He, therefore, assured that the free fall of the cedi to the dollar will end soon as the local currency will be stabilised.
“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 in an interview with Accra-based Citi FM on Monday, August 22.
The country’s economy is in some difficulties leading to some hardships on Ghanaians
The cedi is also the worst-performing African currency and has also depreciated against some major international currencies.
The currency has dropped by at least 35 percent in 2022, according to Bloomberg.
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