Kojo Oppong Nkrumah, the information minister, says the government is working to stabilize the cedi.
Mr. Nkrumah stated on Asempa FM’s Ekosiisen on Monday that stabilizing the depreciating cedi is “our focus right now.”
When the host asked if the country would still be in economic crisis if the current government had sought advice from the opposition National Democratic Congress, he made this remark.
In response, Mr. Nkrumah stated that the government is not moved to respond to critics who believe the hardship is self-inflicted.
He denied that the country’s inflation is driven by domestic factors, as stated by the IMF.
“Current challenges are global; if someone wishes to politicize it, we will refrain from commenting.” “Right now, our priority is to stabilize the cedi,” he said.
According to him, the plan is to sign a staff-level agreement with the International Monetary Fund (IMF), complete the budget for 2023, and then receive the Fund.
Meanwhile, the cedi continues to lose value against the US dollar.
The Ghana cedi’s woes continued this morning [Monday], with the local currency selling at 15.20 to one US dollar.
After trading at 14.70 this morning, October 24, 2022, this is a 3.4% depreciation in less than a day.
Indeed, some analysts and economists predicted a 15 to one US dollar exchange rate by the end of 2022.
The depreciation pressures appear to be unending, as demand for US dollars far outstrips supply. The Bank of Ghana has been supplying $25 million every two weeks on the Forex Forward Auction Market since the beginning of the year, despite demand exceeding $100 million.
Joy Business checks at some of the leading forex bureaus in Accra’s capital city show that the cedi is hovering around 15.20.
Also read: Ghana is working with the IMF to push economy back to path of prosperity
Earlier, in an emergency meeting, the information minister stated that the Governor of the Bank of Ghana (BoG) will meet with bank managers and forex bureau operators on Tuesday to discuss the cedi’s depreciation.
The meeting is also intended to address what the banks believe is market overpricing of the dollar.
The Minister also mentioned that the Economic Management Team is meeting to discuss some recommendations from economists and that the Cabinet will meet with the President from Thursday to Saturday to get updates on the
IMF negotiations and what the Economic Management Team has put together so far.
After all meetings, he says, President Akufo-Addo will address the nation on measures taken to revive the ailing economy.
He explained that the government is planning how to deal with the dollar speculation.
Source: MyjoyOnline
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