Charles Adu Boahen, Minister of State for Finance, revealed this by stating that extra hard cash will be made available to importers.
According to a recent ranking by Bloomberg, the cedi trails only the rupee of Sri Lanka in terms of global performance.
This came after the value of the dollar surged, rising from $1 to GH7.43 to an average of GH10.5 to purchase $1 over the course of a month.
Adu Boahen asserted that the government is attempting to resolve the issue after reaching an agreement with mining and gas firms to sell their foreign exchange to the Bank of Ghana in order to stabilize the cedi.
“We want the stabilization to take place the following week. According to the Finance Ministry’s State Minister of State, the Afrexim facility should arrive by Monday at the latest, marking the first step in ensuring that the stabilization takes place. Joy News reported this.
“We think a lot of speculative activity is causing some needless depreciation in the currency.”
The Afriexim Bank provided the Bank of Ghana with the first installment of a 750 million dollar lending facility earlier this week.
In the 2022 Budget, the facility is anticipated to finance capital- and growth-related expenses.
It will also significantly strengthen the local currency by assisting in stabilizing the cedi, which has been under significant devaluation pressure lately.
The loan’s proceeds would mostly be used to fund initiatives in the transportation, energy, rail, and healthcare industries. These initiatives are those that are listed in the government’s economic strategy and budget statement for 2022.
— JoyNews (@JoyNewsOnTV) August 26, 2022