Hope For Cedi Inches; Oppong Nkrumah Discloses
The Minister for Information, Kojo Oppong Nkrumah has disclosed that hope for the depreciating cedi- the AFREXIM Bank syndicated loan- will hit the account of Ghana latest by August 24, 2022.
The government is now depending on two different loans to solve the cedi crisis.
They are the $750 million Afrexim bank loan and the $1.3 billion Cocoa syndicated loan.
Oppong Nkrumah is quoted by Graphic online as saying, “the $750 million that we were expecting, all the paperwork has been concluded, and it should be hitting our accounts today or tomorrow…also from the Cocoa Syndicated Loan of about $1.3 billion”.
The Bank of Ghana in a statement said the fall of the cedi is being facilitated by the strength of the dollar to the pound sterling and euro; the exit of foreign investors from Ghana’s bond market due to poor credit ratings; investors’ failure to reinvest; rise in crude oil prices; and Ghana’s inaccessibility to the Eurobond market.
After an emergency Monetary Policy Meeting on August 17, 2022, the BoG adopted three measures to cushion the cedi including increasing the Policy rate to 22%, raising the primary reserve requirement of banks to 15 percent and purchase of all foreign exchange arising from the voluntary repatriation of export proceeds from mining firms and oil and gas companies.
Source: opemsuo.com/Hajara Fuseini
