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The Minister for Information, Kojo Oppong Nkrumah, has hinted that the government will inject some US$2 billion into the Ghanaian economy.
This, according to him, will help in stabilising the depreciating cedi against major trading currencies, especially the dollars.
As of Tuesday, August 23, 2022, the cedi equivalent of US$1 was GH₵10.14 while the pounds was GH₵11.75 and the euros GH₵9.99.
But according to the Information Minister who doubles as the Member of Parliament for Ofoase-Ayirebi Constituency, the continuous fall of the cedi would be stabilised by the release of some $750 million from the Afremix Bank and about $1.3 billion Cocoa Syndicated Loan.
“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.
