Cedi still very strong, says Amin Adam

The Finance Minister says the country is expecting a total of US$2.32 billion before the end of this year to shore up reserves

The Minister for Finance, Mohammed Amin Adam has said the Ghana cedi is still very strong despite depreciating against the major foreign currencies in recent times.

The minister has assured that there is enough forex supply in the system hence the public need not to rush for dollars.

Speaking at the monthly economic update in Accra on Friday (24 May), Amin Adam said “… But for recent pressure we are seeing on the exchange rate movement, the exchange rate has been largely stabilized over some time with the depreciation of the cedi against the US dollar halving from 52.2% at the end of November 2022 to 27.3% at the end of December 2023.”

“The cedi’s stability has continued into 2024 with a cumulative depreciation of 14.2% as of 20 May 2024 compared to 20.7% recorded in the same period in 2023… So, on that basis we are safe to conclude that the cedi is still very strong. We expect the stability to improve into the medium term as we complete debt restructuring…”

The minister added, “There is enough forex supply on the market. there is no need to rush for dollars. We are expecting a total of US$2.32 billion before the end of the year to shore up reserves.”

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