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According to Ghana’s Minister of Information, Kojo Oppong Nkrumah, the country would soon get a $2 billion economic injection from the government.
Kojo Oppong Nkrumah forecast that $750 million from the Afremix Bank and $1.3 billion from the cocoa syndicated loan will arrive at the Bank of Ghana this week.
Kojo Oppong Nkrumah, in an interview with Citi News, expressed confidence that the cedi’s recent wild decline against the dollar will soon come to a halt.
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“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.
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The administration “expects that it would lead to speedy stability,” Mr. Oppong Nkrumah said.
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Since the beginning of the year, the cedi has lost at least 35% of its value, making it the second poorest performing currency in the world (behind the Sri Lankan rupee) out of the 150 economies covered by Bloomberg.
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