Ghana’s Finance Minister, Dr. Mohammed Amin Adam, has urged citizens to remain calm amidst the recent rush for foreign exchange, which has caused the cedi to lose value against major currencies of trade. Apexnewsgh reports
Speaking during the Ministry of Finance’s Monthly Economic Update on Friday, May 24, 2024, Dr. Amin Adam attributed the current exchange rate pressures to the strengthening of the US dollar, seasonal forex demand, and other temporary factors.
The Minister reassured the public that the government is taking strong measures to ensure stability, citing an expected inflow of at least $2.32 billion into the country by the end of the year from various sources, including disbursements from the IMF and World Bank, the Gold-for-Oil Programme, and proceeds from Cocoa Syndicated Funds.
Dr. Amin Adam expressed optimism about the cedi’s medium-term stability, anticipating further stability as the government completes debt restructuring, advances fiscal consolidation, and boosts the country’s reserves. He highlighted the progress made under the IMF-Supported Post-COVID-19 Programme for Economic Growth (PC-PEG), which has secured a Staff Level Agreement and paved the way for the IMF Executive Board to consider and approve the disbursement of a third tranche of $360 million in June.
The Minister pointed to the resilience of the economy, noting a 2.9% GDP growth in 2023, which exceeded both the original projection of 1.5% and the revised projection of 2.3%.
He assured that the Ministry of Finance is working closely with the Bank of Ghana to address the cedi’s depreciation, including speeding up fiscal consolidation, intensifying the Gold-for-Oil and Gold for Reserves programmes, and strategic foreign exchange interventions by the Bank of Ghana.
Dr. Amin Adam urged citizens to remain calm and confident in the government’s ability to manage the economy, ensuring a stable and resilient cedi for the future.
Source: Apexnewsgh.com
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