The Information Minister has encouraged Ghanaians to heave a sigh of relief as government is expected to inject about $2bn into the ailing economy.
Kojo Oppong-Nkrumah noted in an interview with citinewsroom that this means the rapid fall of the cedi will be a thing of the past, shortly.
Since the start of this year, the Ghana cedi has suffered persistent depreciation against major trading currencies, especially the US dollar.
As of July, this year, the cedi lost its value by more than 20 percent. The local currency is now trading above GH¢10.00 to one US dollar on the exchange rate market.
But the minister allaying the fears of citizens revealed that while 750 million dollars is expected from the Afremix Bank this week, the cocoa syndicated loan will add $1.3 billion. These monies, he said, are expected to hit the Bank of Ghana's account.
“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.
“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 added.
According to Oppong-Nkrumah, the move forms part of government's expectation of "quick stabilisation" of the economy.
A recent currency performance ranking by Bloomberg showed that the cedi was classified as the worst performing currency in the world after Sri Lanka's Rupee.
The Bank of Ghana has assured that it is implementing measures including increasing foreign currency (FX) supplies to banks in the short term to help meet growing FX demands for external payments.
Source: ghanaweb.com
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... and whiles at it, the OSP should obtain the tithe and contribution records of all donations to the mega churches and other churches to ascertain the sources of these incomes used to finance the churches. That will not be running after God's churches, but will be a step towards cutting the head of that beast called corruption; the SMART MEN OF GOD who are the mentors and reinforcers of these criminals. If one is able to find out how Church of Pentecost is able to make 3 billion Ghc in six months from Ofankor North Area (Economic crunch affects tithes and offerings of Church of Pentecost (ghanaweb.com), then we could understand why the whole greater Accra Region of GRA could not raise such an amount in the same area in 3 years. People are stealing the resources of this country and stuffing them in accounts of covetous churches and their leaders. https://youtu.be/g_FncIO78YQ If you can take time to watch this video to the end, I think the gentleman has a handle on what is happening in this country to some core. Cry my Beloved Country!
Opponents Nkrumah, those into the foreign exchange business are smarter than you.Once government is not in control, they dictate the pace of the market. But for the redenomination exercise by the Kufour administration in 2007, Ghanaians would have been taking 100,000.00 ( one hundred thousand cedis) to go and exchange for 1 U S Dollar. This is how far Ghana has been brought to it's knees by people who claim to represent the people but end up representing themselves. The cocoa, timber, bauxite, manganese, diamond, crude oil, two giant harbours, arable lands through out the country is no longer of benefits to the country's 30 million population?