Ghanaian News

Oppong Nkrumah: US$2 billion hits BoG’s account this week

A total of US$2 million is expected to be injected into Ghana’s economy this week, the Minister of information Kojo Oppong Nkrumah has said.

The amount constitutes the US$750 million Afreximbank loan and US$1.3 billion COCOBOD syndicated loan.

Speaking to Asaase 99.5 Accra, Nkrumah said the cash will help stabilise the Ghana cedi against major international currencies, especially the US dollar.

“External factors such as the repatriation of funds have led to a cedi that has depreciated very quickly, the Bank of Ghana introduced a raft of measures to deal with the depreciation of the cedi,” the minister said.

“I think this morning, the President was briefed that the US$750 million that we were expecting, now all the paperwork has been completed and should hit our account by Tuesday or Wednesday.

“So, if I were you and I was holding onto dollars, I will be selling by now because there is a lot of dollar coming in from the US$750 million and then from the cocoa US$1.3 billion syndicated loan that comes together like US$2 billion hitting the Ghanaian economy,” Nkrumah said.

He added: “We need to cut down on our import bills significantly. We are importing rice, chicken, fruit juices, there need to be clarity on what we need to do to reduce the importation, and those are some of the things that are being done.”

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