The Information Minister, Kojo Oppong Nkrumah, has stated that the government plans to pump $2 billion into the Ghanaian economy soon.
Kojo Oppong Nkrumah stated that the 750 million dollars expected from Afremix Bank will be deposited into the Bank of Ghana’s accounts this week, while the cocoa syndicated loan will add $1.3 billion.
In an interview with Citi News, Kojo Oppong Nkrumah stated that the cedi’s wild slide against the dollar will halt shortly as the local currency will be stabilized.
“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 stabilization.”
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According to Bloomberg, the cedi will have plummeted by at least 35% by 2022, making it the world’s worst-performing currency behind Sri Lanka’s rupee among 150 economies tracked.
SOURCE: CITINEWS
