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Cedi Depreciation: About $2bn to be injected into economy – Oppong Nkrumah

The Minister of Information, Kojo Oppong Nkrumah has hinted that government is expected to inject some $2 billion into the Ghanaian economy shortly.

He made this revelation whiles speaking on Citi Business News.

“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.

 Mr. Oppong Nkrumah added that the government’s “expectation is that it will lead to quick stabilisation.”

Recently , the cedi has dropped drastically by at least 35 percent in 2022, according to Bloomberg, making it the world’s worst-performing currency after Sri Lanka’s rupee among 150 economies tracked.

Inflation rate for the month of July 2022 was 31.7 per cent, the Ghana Statistical Service (GSS) announced on Wednesday, August 10.

This is up from the 29.8 per cent recorded in June.

Inspite of the many obstacles , President Akufo is optimistic that Ghana’s economy will bounce back stronger.

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