More dollars to be injected into economy soon – Information Minister reveals

The Information Minister has said some dollars will be injected into the economy soon to halt the sharp depreciation of the Ghanaian Cedi.

Kojo Oppong Nkrumah said about $2 billion will hit the government’s account shortly.

For the breakdown, he said $750 million is expected from the Afremix Bank this week, whilst the cocoa syndicated loan will add $1.3 billion.

He, therefore, assured that the free fall of the cedi to the dollar will end soon as the local currency will be stabilised.

“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 in an interview with Accra-based Citi FM on Monday, August 22.

The country’s economy is in some difficulties leading to some hardships on Ghanaians

The cedi is also the worst-performing African currency and has also depreciated against some major international currencies.

The currency has dropped by at least 35 percent in 2022, according to Bloomberg.