Expect stabilization of the cedi from next week - Adu Boahen

The Minister of State at the Finance Ministry, Charles Adu Boahen, has assured that the cedi will begin stabilizing from next week.

He said the government “has taken steps to ensure that we can address some of the real concerns with regards to making more hard currency available for importers.”

The minister mentioned that as part of the measures

Read full articlebeing implemented, the government has agreed with mining and gas companies to sell their forex to the Bank of Ghana.

According to him, these measures are expected to slow down the depreciating rate of the cedi.

Adu Boahen further noted that the $750 million African Export-Import Bank (Afreximbank) loan is also expected to shore up the country’s reserves.

“We want to see the stabilization happening next week. The Afrexim facility should be here by Monday at the latest and that should begin towards the first step toward making sure that the stabilization occurs,” he added.

He however blamed the cedi’s depreciation on ‘unnecessary speculative activities.’

“We believe that there are a lot of speculative activities that are creating some unnecessary depreciation in the currency,” he said.

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