The Ghanaian cedi projected to be stable within two weeks, here’s what the finance ministry is doing

The Finance Ministry has assured the country that the cedi will begin to appreciate against the major currencies within the next two weeks.

Minister of Finance; Ken Ofori Atta

The Finance Minister, Ken Ofori-Atta gave the assurance on Wednesday, March 13, 2019, in Accra whiles addressing the current state of the cedi against major foreign currencies to journalists.

Mr Ofori-Atta was emphatic that the cedi will begin to appreciate against the major currencies within the next two weeks.

“The reversal will occur and it is going to be pretty stable,” he stated.

$4.6 billion would be injected into the system before the second quarter of the year.

Also, the government was expecting about $900 million funding for the COCOBOD and an additional $750 million bridge financing intended to cover the government’s short-term expenses.

These, according to the minister will help stabilize the cedi’s performance against other foreign currencies.

“Today as we speak, we launched our Eurobond, which would officially be close to $3 billion, helping us regain the strength of the cedi,” he said.

Cedi not the cheapest currency

The minister disagreed with claims by some news portals that the cedi was the cheapest currency in Africa.

He emphasized that the economy was doing well despite the recent depreciation of the cedi. Inflation was currently in a single digit while growth stood at 6 per cent.

Mr Ofori-Atta pleaded that it was not healthy for Ghanaians to repeat the statement that the cedi was the cheapest on the continent. “The truth of the matter is to look at the fundamentals,” he said.

The budget deficit had gone down. The strengthening of the US dollar last year, according to him, also led to about 8 per cent depreciation of the national currency.

“However, within the next two weeks, the currency will be stable”, the minister assured.

Our newsletter gives you access to a curated selection of the most important stories daily.

Welcome to the Pulse Community! We will now be sending you a daily newsletter on news, entertainment and more. Also join us across all of our other channels - we love to be connected!

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke

Recommended articles

Africa’s richest man Aliko Dangote poised to overtake another Russian billionaire Vladimir Lisin on Bloomberg billionaires list

Africa’s richest man Aliko Dangote poised to overtake another Russian billionaire Vladimir Lisin on Bloomberg billionaires list

Mzee Kibor's will made public, revealing how vast wealth and millions will be distributed

Mzee Kibor's will made public, revealing how vast wealth and millions will be distributed

Ini Edo posts new photos amid reports of welcoming a baby through surrogacy

Ini Edo posts new photos amid reports of welcoming a baby through surrogacy

Mathias Pogba brands Paul Pogba 'a so-called Muslim steeped in witchcraft' amid fetish claims about Kylian Mbappe

Mathias Pogba brands Paul Pogba 'a so-called Muslim steeped in witchcraft' amid fetish claims about Kylian Mbappe

Referee behind chaos at AFCON was rushed to hospital after match

Referee behind chaos at AFCON was rushed to hospital after match

Ne-Yo speaks out after wife Crystal announced end of their 8-year marriage

Ne-Yo speaks out after wife Crystal announced end of their 8-year marriage

Eddie Butita speaks on his fallout with Miss Mandi, offers her a job

Eddie Butita speaks on his fallout with Miss Mandi, offers her a job

Sadio Mane the odd one out as Bayern Munich stars take team photo with glasses of beer

Sadio Mane the odd one out as Bayern Munich stars take team photo with glasses of beer

Africa's richest man, Aliko Dangote, adds extra $915 million to his vast wealth in Q1 2022

Africa's richest man, Aliko Dangote, adds extra $915 million to his vast wealth in Q1 2022