Minister of Finance, Dr. Mohammed Amin Adam, has provided assurance to Ghanaians regarding the availability of an adequate supply of foreign exchange in the market to sustain the progress made in improving the performance of the local currency, the Cedi.
He emphasized that the Bank of Ghana has significantly bolstered reserves to enhance the stability of the Cedi against major trading currencies.
During a press briefing held on May 24, 2024, to update the public on the economy, the finance minister disclosed that Ghana is set to receive a total disbursement of US$2.3 billion by the end of the year.
These disbursements are part of the IMF bailout package, World Bank loan facility, and other related funding from donor partners.
“We, therefore, expect total disbursements of at least US$2.32 billion before the end of the year to add to the significant foreign exchange reserves already built up by the BoG,” the minister said.
Dr. Amin Adam advises Ghanaians against hastily purchasing foreign exchange from the market. He asserts that speculative activities surrounding the performance of the Cedi often lead to its depreciation.
“We wish to assure Ghanaians that there is enough foreign exchange. Hence, there is no need to rush and buy forex,” the finance minister said.
Meanwhile, the Ghanaian Cedi has experienced one of its worst declines in decades. At major forex bureaus in the capital Accra, the local currency is trading at GH¢15.00 as of May 24, 2024.
International news portal, Bloomberg, has predicted that the value of the Cedi will depreciate further by the end of the year.