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Ghana's Finance Minister, Mr. Ken Ofori-Atta, has said that the cedi will soon stabilise against the foreign currencies, especially the dollar.

Speaking to Class News on Wednesday, 13 March 2019, Mr. Ofori-Atta said the government is expecting large inflows of foreign exchange, which will help shore up the cedi.

The cedi is currently trading at GHS5.6 to US$1.

“Really, I am very confident that a reversal is going to occur and that it [cedi] is going to be pretty stable going forward. We have about $200 million dollars coming in from COCOBOD and another $600 million from COCOBOD in a month or so … and that should close within the next weeks or so.… With the type of capital that we expect in the few weeks, we really expect a reversal and stability,” Mr. Ofori-Atta said.

A few weeks ago, President Nana Addo Dankwa Akufo-Addo expressed his displeasure about the fall of the cedi and assured Ghanaians that his government was doing all within its power to arrest the situation.

Addressing a ceremony held at the Tema Heavy Industrial Area, Kpone, to open the Fujian Sentuo Ceramic Tile Factory, Nana Akufo-Addo, said he was aware of the anxiety in business circles concerning the cedi’s fall.

"I am extremely upset and anxious about it, too, but I want to assure you that all efforts are being made to arrest the decline and restore the cedi to stability in order to improve the competitiveness of the Ghanaian industry and I think very soon you will be seeing the results of our policy," Mr. Akufo-Addo said.


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