Disbursement of US$1.2 billion from partners will mitigate cedi depreciation, says Amin Adam 

The Minister for Finance has attributed the recent depreciation of the Ghana cedi to domestic and international factors

Dr Mohammed Amin Adam, Minister of Finance, says the expected US$1.2 billion from development partners will strengthen the local currency against major trading currencies.

He said the disbursements from development partners, including the International Monetary Fund (IMF), the World Bank, and the African Development Bank (AfDB), would strengthen the local currency.

Speaking at the maiden monthly press briefing of the Finance Ministry on Tuesday (26 March) in Accra he attributed the recent depreciation to domestic and international factors, with the Ghana cedi currently trading at GHC12.8 to a dollar.

Dr Amin Adam said international factors, particularly the strengthening of the United States dollar against major trading currencies, occasioned the depreciation of the local currency.

The minister also attributed the depreciation to local factors, including payments made by the energy and corporate sectors, and the delayed disbursement of the cocoa loan, which compounded pressure on the local currency.

However, the minister noted that interventions, including inflows from remittances, mining companies, and the local gold purchase by the Bank of Ghana (BoG), had minimised the impact of the depreciation.

Dr. Amin said additional planned disbursements for on-going infrastructure projects would strengthen the local currency.

According to the BoG, the cedi depreciated by 0.7% in January 2024, compared to 30% in January 2022.

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