Cedi Depreciation: We’re Expecting More Loans To Stem Tide – Kojo Oppong Nkrumah

Cedi Depreciation: We’re Expecting More Loans To Stem Tide – Kojo Oppong Nkrumah

  • The cedi, currently trading over 10 cedis to the dollar, is said to be on a free fall
  • Information Minister Kojo Oppong Nkrumah, however, believes this will be a thing of the past following moves to pump more dollars into the economy soon
  • Government expects more loans to reflect in its coffers and help the country address the cedi depreciation

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The Akufo-Addo-led government has hinted at borrowing from the international market as it races against time to address the cedi-dollar depreciation.

According to the Minister of Information, Kojo Oppong Nkrumah, some dollars will, in the coming days, be pumped into the Ghanaian economy to halt the sharp depreciation of the local currency.

Kojo Oppong Nkrumah advising those keeping their dollars to change them
Information Minister Kojo Oppong Nkrumah and the cedi equivalent of $50/Image credit: Kojo Oppong Nkrumah/OMGVoice
Source: Facebook

The Ofoase Ayirebi MP explained that some $2 billion would shortly hit the government’s coffers.

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Giving a breakdown, he said $750 million is expected from the Afremix Bank in the week, with an additional $1.3 billion as proceeds of the cocoa syndicated loan.

Speaking on Accra-based Citi FM, he also counselled those holding on to dollars to quickly sell them since the turbulence in the economy will be a thing of the past.

Ghana is facing an economic crisis, with the cedi crossing the 10 cedi trading mark to the dollar.

The local currency, which has dropped by more than 30%, has been described as Africa's worst-performing currency by Bloomberg.

The resultant effect has led to hardships for the ordinary Ghanaian.

Ghana Cedi-To-Dollar Exchange Rate Has Broken The 10: $1 Now Selling at GH¢10.11 As At August 18

Earlier, YEN.com.gh published how the worst fears of Ghanaians about the precarious cedi-to-dollar exchange rate were confirmed on Thursday, August 18, 2022, with the dollar trading at forex bureaux at $1 to GH¢10.11.

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YEN.com.gh’s monitoring of the local forex market suggests the cedi performance against the dollar and other international trading currencies has gotten shoddier.

Forex markets in the capital quote the following exchange rate as of Thursday, August 18, 2022: Dollar vs Cedi Rate Buying: $1 = GH¢9.90

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Source: YEN.com.gh

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