About $2bn to be injected into economy – Oppong Nkrumah – Citi Business News

The Minister of Information, Kojo Opong Nkrumah, has said that the government expects to invest some $2 billion in Ghana’s economy soon.

Kojo Opong Nkruma said an expected $750 million from Aframix Bank would reach the Bank of Ghana’s accounts this week, while Coco would add $1.3 billion in syndicated loans.

Speaking to Citi Business News, Kojo Oppong Nkrumah assured that the free fall of the cedi in the dollar will end soon as the local currency stabilizes.

“The Bank of Ghana introduced several measures in the short term to deal with this and behind that… the $750 million we were hoping for, all the paperwork is gone, and it should hit our accounts today or tomorrow ..”

“If I were you, and I had dollars, I would have sold them by now, because there are a lot more dollars coming in from $750 million and also from cocoa syndicated loans of about $1.3 billion,” the minister said.

Mr Opong Nkrumah said the government “hopes that this will lead to a quick stabilisation.”

According to Bloomberg, the Cedi has depreciated by at least 35 percent in 2022, making it the world’s worst-performing currency after the Sri Lankan rupee among 150 economies.

Cedi depreciation: About $2bn to be injected into economy – Oppong Nkrumah

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