Kojo Oppong Nkrumah
Kojo Oppong Nkrumah

Information Minister, Kojo Oppong Nkrumah, has reiterated the government’s commitment to stabilise the cedi.

According to him, they are still working and the right approaches are being rolled out.

Mr Oppong Nkrumah made these comments on Asempa FM’s Ekosii Sen on Monday when he outlined plans by the government to respond to the ailing economy.

“Government not throwing its hands in despair. We are working hard to solve the economic challenges. We have enhanced domestic programmes to arrest the economic challenges,” he said.

He also refuted that inflation in the country is domestically driven as stated by the International Monetary Fund (IMF), stating the government will not respond to critics who think the current situation is internal.

“Current challenges are global, if someone wants to politicise it, we won’t comment. Currently, our focus is to stabilise the cedi,” Mr Oppong Nkrumah stated.

The Ghana cedi continued its free fall, losing value twice within a day to sell at ¢14.50 to one US dollar on Friday.

This translated to 5.45% depreciation in a day and 17.5% in four days of the week.

Some economists had predicted the Ghana cedi will hit ¢15.00 to one dollar by end of 2022.

But on Monday morning, the local currency further depreciated to sell at ¢15.20 to one US dollar amid predictions by some economists that it will clock.

This is about 3.4% depreciation in less than a day, after trading this morning, October 24, 2022, at ¢14.70.

Meanwhile, the Governor of the Bank of Ghana, Dr Ernest Addion will on Tuesday meet managers of banks and operators of Forex Bureaux to address the depreciation of the cedi.

The meeting is also supposed to fix what the banks say is the overpricing of the dollar on the market.