According to Kojo Oppong Nkrumah, the Minister of Information, the government would shortly infuse around $2 billion into Ghana’s economy as part of steps to address the devaluation of the Cedi.
He claims that the Bank of Ghana will get the 750 million dollars expected from the Afremix Bank this week, along with an additional $1.3 billion from the syndicated loan for cocoa.
This was stated by Mr. Oppong Nkrumah in an interview with Citi FM, a radio station based in Accra.
He also promised that if the local currency is stabilized, the free collapse of the cedi against the dollar will soon be a thing of the past.
The Bank of Ghana took a number of immediate action steps to address the situation, and as a result, “all the paperwork has been completed, and the $750 million that we were expecting should be entering our accounts today or tomorrow.”
The minister remarked, “If I were you and I held onto dollars, I would be selling them by this point because there is a lot more dollar coming in from the $750 million and also from the Cocoa Syndicated Loan of roughly $1.3 billion.”
The administration “expects that it will lead to speedy stabilization,” he continued.
In 2022, the cedi has decreased by at least 35%.
