Don't rush for dollars, cedi still strong- Finance Minister
Mohammed Amin Adam
Finance Minister Mohammed Amin Adam has reassured Ghanaians of the strength of the cedi, despite recent depreciation against major currencies.
Read full articleSpeaking at a monthly economic update in Accra, he highlighted the cedi's stability, noting a halving in depreciation against the US dollar from November 2022 to December 2023. As of May 20, 2024, the cedi has only depreciated by 14.2%, compared to 20.7% in the same period in 2023.
Minister Amin Adam attributed this stability to sufficient forex supply in the system and advised against rushing for dollars.
He expressed optimism for further stability as debt restructuring progresses, with an expected $2.32 billion influx to bolster reserves by year-end.
Adam emphasized, "There is enough forex supply on the market. There is no need to rush for dollars."
