Home News Ghana cedi will be stabilized in the next few weeks-Finance Minister

Ghana cedi will be stabilized in the next few weeks-Finance Minister

- Advertisement -

The Minister of Finance, Ken Ofori-Attah has assured the general public that the Ghana cedi will be stabilized in the next few weeks.

The Minister stated that the government is working on the depreciation of the cedi to boost the economy and save failing businesses.

ALSO READ: Omanhene blasts Paul Adom Otchere over Manasseh’s expose’

Things You Need To Expect From The 2018 Budget
Ken Ofori-Attah

“We have about $300 million coming in from COCOBOD and another $600 million also from COCOBOD in about a month or so.

We have officially launched our Eurobond which will be $3 billion and that should close within the next couple of weeks.

Large inflows of foreign exchange are expected in the country soon to help curb the situation”, the Minister stated.

The government has received massive backlash over the depreciation of the cedi as currently, it has depreciated to 5.7 per dollar.

This has caused a high cost of living in the country and affecting the smooth running of many businesses.

ALSO READ: It was bound to happen -Prophet Oduro talks about the Ethiopian plane crash

Moreover, the Finance Minister is of the view that the country should be able to structurally balance imports and exports as it is the main cause of the depreciation of the cedi.

According to him if Ghana is solely dependent on imports, the cedi will continue to face depreciation no matter the government in power.

However, Ken Ofori-Attah assured Ghanaians that government is working in stabilizing the cedi and the economy.

“With the type of capital that we are expecting to get in a few weeks, we really expect a reversal and stability” he added.

Get Ghana Latest News in your inbox each morning.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

TODAY

Friday, January 24, 2020
Accra
broken clouds
28 ° C
28 °
28 °
83 %
2.1kmh
63 %
Fri
28 °
Sat
28 °
Sun
27 °
Mon
27 °
Tue
28 °

Most Read

Nana Aba Anamoah sends envoys to beg Afia Schwar- Blogger reveals (Screenshots)

The brouhaha about "English girls' prefect" Nana Aba Anamoah's pimping subject is not entirely off the hook. There are still some...

Rumors of Pimping; Nana Aba finally replies Ken Agyapong & Afia Schwar

Finally, Nana Aba Anamoah the veteran media personality has reacted to the allegations of pimping leveled against her by two most controversial...

Bosom PYung exposes Legon girls who DM him nude videos after ‘Ataa Adwoa’

The new sensational artist, Bosom PYung has revealed in an interview that girls especially ladies from the University of Ghana are all...

Efia Odo subtly insults Shatta Wale on social media

Efia Odo and Shatta Wale were best of friends(besties) who were rumored to have had flirty meetings many times.