By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
The Herald ghanaThe Herald ghana
  • Home
  • General
  • Entertainment
  • Politics
  • Editorial
  • Business
  • Sports
  • Feature
  • Health
  • World
Reading: Ofori-Atta blames Cedi depreciation on rush for dollars to import Xmas goods
Share
Aa
The Herald ghanaThe Herald ghana
Aa
  • Home
  • General
  • Entertainment
  • Politics
  • Editorial
  • Business
  • Sports
  • Feature
  • Health
  • World
Search
  • Home
  • General
  • Entertainment
  • Politics
  • Editorial
  • Business
  • Sports
  • Feature
  • Health
  • World
Follow US
  • Advertise
Copyright © 2022 The Herald Ghana. All Rights Reserved
Business

Ofori-Atta blames Cedi depreciation on rush for dollars to import Xmas goods

J N
Published October 21, 2022
Share
2 Min Read
SHARE

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.

More Read

Sachet water to be sold at ¢0.60 effective Monday

Interest rates hit 33%; government misses T-bills sale by 16%
Cement prices surge above ¢80 as cedi depreciation bites manufacturers
The cedi may hit Gh¢25 to $1 – Economist, Dr. Sa-ad

“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.

You Might Also Like

Sachet water to be sold at ¢0.60 effective Monday

Interest rates hit 33%; government misses T-bills sale by 16%

Cement prices surge above ¢80 as cedi depreciation bites manufacturers

The cedi may hit Gh¢25 to $1 – Economist, Dr. Sa-ad

J N October 21, 2022
Share this Article
Facebook Twitter Whatsapp Whatsapp Copy Link
What do you think?
Love0
Sad0
Cry0
Happy0
Surprise0
Angry0
Wink0
Previous Article NDC Race: I’ll Give Party 100k Votes – Zakaria
Next Article Akon reveals he got a hair transplant worth $7,500
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe
- Advertisement -
Ad imageAd image

Latest News

60 NPP MPs back Bawumia as Ken Agyapong woos MMDCEs with lavish food
Major 1 Major Politics June 20, 2025
EC goes adamant over Ablekuma North election concerns
Major 1 Major Politics June 20, 2025
Galamsey coalition warns gov’t against betraying public trust
Business Major 1 June 20, 2025
GIPC CEO holds strategic dialogue to shape investment future
Business Major 1 June 20, 2025
CurrencyRate

You Might also Like

BusinessMajor 3

Sachet water to be sold at ¢0.60 effective Monday

October 27, 2022
Business

Interest rates hit 33%; government misses T-bills sale by 16%

October 24, 2022
Business

Cement prices surge above ¢80 as cedi depreciation bites manufacturers

October 24, 2022
BusinessMajor 1

The cedi may hit Gh¢25 to $1 – Economist, Dr. Sa-ad

October 21, 2022
Show More

Copyright © 2022-2025 The Herald Ghana. All Rights Reserved

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?