The Minister for Information, Kojo Oppong Nkrumah is hopeful that the Ghana Cedis will soon stabilize due to the expected injection of $2 billion into the Ghanaian economy shortly.
He said the 750 million dollars expected from the Afremix Bank will hit the accounts of the Bank of Ghana this week, whilst the cocoa syndicated loan will add $1.3 billion.
The Ghana cedis has dropped 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.
Yesterday, Monday August 22, the Ghana Union of Traders Association GUTA held a news conference and called on government to see to the immediate halt of the cedi depreciation.
The Association said, to demonstrate how serious its demands are, its members will on Monday, August 29, close all their shops in Accra.
GUTA President, Dr. Joseph Obeng said the rapid depreciation of the local currency is having a debilitating effect on their businesses, many of which are folding up.
He expects that within this one week time, government will take steps that will restore some confidence in the cedi.
Speaking to Citi News, in reaction to concerns from GUTA, Kojo Oppong Nkrumah assured that the free fall of the cedi to the dollar will end soon as the local currency will be stabilised.