Finance Minister assures Ghanaians cedi will stabilise in two weeks

Finance Minister assures Ghanaians cedi will stabilise in two weeks

Finance Minister, Ken Ofori-Atta, has moved to assure the public that the cedi will stabilise in the next two weeks.

According to him, government is working on arresting the fast depreciation of the cedi in order to restore confidence in businesses.

Speaking to journalists outside Parliament on Wednesday, March 13, 2019 the minister said large inflows of foreign exchange is expected in the country soon to help overturn the situation.

Finance Minister assures Ghanaians cedi will stabilise in two weeks

Finance Minister, Ken Ofori-Atta. Source: Graphiconline.com
Source: UGC

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We have about $300 million coming in from COCOBOD and another $600 million also from COCOBOD in about a month or so. We have officially launched our Eurobond which will be $3 billion and that should close within the next couple of weeks,” Mr. Ofori-Atta said.

Over the past few weeks, the cedi has gone past the ¢5 mark after hitting a record low in terms of depreciation.

Currently, the cedi has declined to 5.7 per dollar, which is its weakest level since Bloomberg started keeping the records in 1994.

The country’s economy has also come under scrutiny following complaints by a section of the public on the fast depreciation of the cedi against the US dollar.

However, Mr. Ofori-Atta said government’s main challenge over the years has been how to structurally balance imports and exports.

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He said Ghana must make a conscious effort to tackle its dependence on imports “or else we will always be battling – it doesn’t matter the government.”

...with the type of capital that we are expecting to get in the next few weeks, we really expect a reversal and stability,” the finance minister added. 

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Source: Yen.com.gh

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