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.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke

Recommended articles

Africa’s richest man Aliko Dangote seeks to raise an additional $1.1 billion to complete his refinery project by 2023

Africa’s richest man Aliko Dangote seeks to raise an additional $1.1 billion to complete his refinery project by 2023

5 African countries with the cheapest gas prices in 2022

5 African countries with the cheapest gas prices in 2022

8 African countries where Rihanna plans to launch her luxury Fenty Beauty products

8 African countries where Rihanna plans to launch her luxury Fenty Beauty products

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

Referee behind chaos at AFCON was rushed to hospital after match

Referee behind chaos at AFCON was rushed to hospital after match

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

Haiwezi, my wife is prettier - Omanyala turns down Huddah’s advances

Haiwezi, my wife is prettier - Omanyala turns down Huddah’s advances