Gov’t To Inject About $2bn Into Economy – Oppong Nkrumah

According to Kojo Oppong Nkrumah, the Minister of Information, the government would shortly infuse around $2 billion into Ghana’s economy as part of steps to address the devaluation of the Cedi.

He claims that the Bank of Ghana will get the 750 million dollars expected from the Afremix Bank this week, along with an additional $1.3 billion from the syndicated loan for cocoa.

This was stated by Mr. Oppong Nkrumah in an interview with Citi FM, a radio station based in Accra.

He also promised that if the local currency is stabilized, the free collapse of the cedi against the dollar will soon be a thing of the past.

“The Bank of Ghana introduced a number of measures in the short term to deal with it and on the back of that… the $750 million that we were expecting, all the paperwork has been concluded, and it should be hitting our accounts today or tomorrow.”

“If I were you, and I was holding onto dollars, I would be selling them by now because there is a lot more dollar coming in from the $750 million and also from the Cocoa Syndicated Loan of about $1.3 billion,” the minister said.

He added that the government’s “expectation is that it will lead to quick stabilisation.”

The cedi has dropped by at least 35 percent in 2022.

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