Gov’t to inject about $2bn into economy – Oppong Nkrumah

• Posted on August 24, 2022August 24, 2022
• by Nana Kwesi Coomson
• Comment

The Information Minister, Kojo Oppong Nkrumah, says the government will soon inject about $2 billion into the Ghanaian economy, as part of measures to address the Cedi depreciation.

According to him, 750 million dollars expected from the Afremix Bank will hit the accounts of the Bank of Ghana this week, whilst the cocoa syndicated loan will add $1.3 billion.

Mr. Oppong Nkrumah made this known during an interview on Accra-based radio station, Citi FM.

He also gave the assurance that the free fall of the cedi to the dollar will soon be a thing of the past as the local currency will be stabilised.

“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.

 -graphic