BusinessEconomy

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.

Asaase Radio 99.5 broadcasts on radio via 99.5 in Accra, 98.5 in Kumasi, 99.7 in Tamale, 100.3 in Cape Coast and on our affiliates Azay FM 89.1 in Takoradi, Bawku FM 101.5 in Bawku, Beats FM 99.9 in Bimbilla, Somua FM 89.9 in Gushegu, Stone City 90.7 in Ho, Mining City 89.5 in Tarkwa and Wale FM 106.9 in Walewale
Tune in to broadcasts onlineasaaseradio.com, Sound Garden and TuneIn
Follow us on Twitter: @asaaseradio995
Live streaming on facebook.com/asaase99.5. Also on YouTube: 
AsaaseXtra.
Join the conversation. Call: 020 000 9951 or 059 415 7777. Or WhatsApp: 020 000 0995.

#AsaaseRadio
#TheVoiceofOurLand
#WeAreHere
#WeLoveOurLand

Source
GNA
Show More

Related Articles

Back to top button

Adblock Detected

ALLOW OUR ADS