The Minister of Finance, Ken Ofori-Atta, has urged Ghanaians to not panic or put further pressure on the cedi as the currency continued its rapid slide against the US dollar in October.
Thursday's depreciation (as much as 9.5 per cent against the US dollar), the biggest in 22 years, took losses suffered by the Ghana cedi to nearly 52% this year, the worst performance among 148 currencies tracked by Bloomberg.
According to Mr. Ofori-Atta, it is quite perplexing to see the level of the cedi's depreciation. He said the current level of depreciation may have been occasioned by a rush for dollars to import Christmas goods.
Mr Ofori-Atta was hopeful that the slide would be halted when the government reaches an agreement with the International Monetary Fund (IMF) for economic support this year.
"...It's quite perplexing to see where it's going. Of course, typically in October, people are importing for Christmas and maybe there's a rush for that (the dollar) but my expectation is that once we also conclude with the Fund (IMF), that will lead to the fund's disbursement early next year to do that," Mr. Ofori-Atta said in an interview with Asaase Radio.
"The support we are getting from countries like Germany and France, we are confident that we will get the resources needed, so we really would want people to know not to panic or be rushing in order to put pressure on the currency, I think it's unnecessary and we are in good shape".
Ghana is hoping to receive as much as $3 billion under an IMF extended credit facility program to bolster its finances and regain access to global capital markets.
He added that additional support from countries such as Germany and France would provide the country with the funds needed to halt the slide of the cedi.
Latest Stories
-
Alan Kyerematen’s ‘Brighter Future for Health Professionals’ in Ghana Revealed in Bono
6 seconds -
NPP will ensure a safer cleaner and greener environment – Dr Kokofu
8 mins -
2024 Election: Police to deal with individuals who will cause trouble – IGP
9 mins -
Seychelles President’s visit rekindles historical and diplomatic ties with Ghana
15 mins -
Election 2024: EC destroys defective ballot papers for Ahafo and Volta regions
25 mins -
2024 Election: I am sad EC disqualified me, but I endorse CPP’s candidate – PNP’s Nabla
52 mins -
I want to build a modern, inclusive country anchored by systems and data – Bawumia to CSOs
53 mins -
Miss Health Ghana 2024: Kujori Esther Cachana crowned new Health Ambassador
1 hour -
Livestream: The manifesto debate on WASH and climate change
1 hour -
Alan Kyerematen saddened by NDC and NPP’s neglect of Krofrom Market in the Ashanti Region
1 hour -
CSIR Executive Director urges farmers to adopt technology for improved farming
1 hour -
Football Impact Africa’s Ghetto Love Initiative inspires change in Teshie
2 hours -
Peter Toobu calls for tighter border security over uncovered weapons at Tema Port
2 hours -
Gov’t has failed its commitment to IPPs – Ablakwa
2 hours -
Sell Chrome to end search monopoly, Google told
2 hours