A total of US$2 million is expected to be injected into Ghana’s economy this week, the Minister of information Kojo Oppong Nkrumah has said.
The US$ 2 billion constitutes 750 million Afreximbank loan and US 1.3 million COCOBOD syndicated loan.
Speaking to Asaase Radio on Tuesday at Nandom as part of the tour of the President Akufo-Addo tour of the Upper West Region, Oppong Nkrumah said this will help stabilise the cedi against the dollar
“External factors such as the repatriation of funds has led to a cedi that has depreciated very quickly, the Bank of Ghana introduced a raft of measures to deal with the depreciation of the cedi.
“I think this morning, the President was briefed that the US$ 750 million dollars that we were expecting, now all the paperwork has been completed and should hit our account perhaps by Tuesday or Wednesday.”
“So if I were you and I was holding onto dollars, I will be selling by now because there is a lot of dollar coming in from the 750 million and then from the cocoa 1.3 syndicated loan that comes together like US$ 2 billion hitting the Ghanian economy,” he said.
“We need to cut down on our import bills significantly, we are importing rice , chicken , fruit juices, there need to be clarity on what we need to do to reduce the importation, and those are some of the things that are being done,” he added.
Fred Dzakpata
