Cedi still very strong, says Amin Adam

The Finance Minister has reassured that the Ghanaian cedi remains strong despite recent depreciation.

He stated there was enough forex supply and advised against rushing for dollars.

He noted that the cedi's depreciation against the US dollar decreased from 52.2% to 27.3% by the end of December 2023 and further to 14.2% as of May 20, 2024.

The minister expects improved stability in the medium term and anticipates an inflow of US$2.32 billion to shore up reserves before the year ends.