• Latest
  • Trending
Cedi will regain strength in 2weeks — Finance Minister assures Ghanaians

Cedi will regain strength in 2weeks — Finance Minister assures Ghanaians

March 14, 2019
Family of slain NPP Chairman’s brother rejects police account, demands justice

Family of slain NPP Chairman’s brother rejects police account, demands justice

August 3, 2025
Ghana records 20 new mpox Cases, total hits 302

Ghana records 20 new mpox Cases, total hits 302

August 3, 2025
Sam George fires back at MultiChoice Ghana over DStv pricing, demands real price cuts

Sam George fires back at MultiChoice Ghana over DStv pricing, demands real price cuts

August 3, 2025
Multichoice Ghana reacts to Sam George’s statement on DStv fees

Multichoice Ghana reacts to Sam George’s statement on DStv fees

August 3, 2025
Dr. Zanetor Agyeman-Rawlings Condemns Fatal Stabbing at Kinbu SHS

Dr. Zanetor Agyeman-Rawlings condemns fatal stabbing at Kinbu SHS

August 3, 2025
Trauma and surgical emergency unit at 37 Military Hospital to be temporarily closed

Trauma and surgical emergency unit at 37 Military Hospital to be temporarily closed

August 3, 2025
Gov't presents relief items to Gaza

Gov’t presents relief items to Gaza

August 1, 2025
Parliament approves One-Year Abosso Goldfields Mining deal

Parliament approves One-Year Abosso Goldfields Mining deal

August 1, 2025
A Nation Mourns: Former President Akufo-Addo visits Daddy Lumba’s family

A Nation Mourns: Former President Akufo-Addo visits Daddy Lumba’s family

August 1, 2025
Democracy is not about tyranny but inclusion- Afenyo- Markin

Democracy is not about tyranny but inclusion- Afenyo- Markin

August 1, 2025
Over 1,000 excavators held at Ports-Mahama Ayariga

Over 1,000 excavators held at Ports-Mahama Ayariga

August 1, 2025
Trump imposes new tariffs on 69 countries ahead of trade deadline

Trump imposes new tariffs on 69 countries ahead of trade deadline

August 1, 2025
Happy Ghana
No Result
View All Result
  • Home
  • News
  • Sports
    • International Sports
    • Afcon2017
    • Afcon2019
    • Corporate Knockout
    • U17 World Cup
    • World Cup 2018
  • Entertainment
  • Business
  • Bizarre
  • Feature
  • More
    • Technology
    • Opinion
    • Lifestyle
  • Listen Live
  • Home
  • News
  • Sports
    • International Sports
    • Afcon2017
    • Afcon2019
    • Corporate Knockout
    • U17 World Cup
    • World Cup 2018
  • Entertainment
  • Business
  • Bizarre
  • Feature
  • More
    • Technology
    • Opinion
    • Lifestyle
  • Listen Live
No Result
View All Result
Happy Ghana
No Result
View All Result
Home Sports

Cedi will regain strength in 2weeks — Finance Minister assures Ghanaians

in Sports
Cedi will regain strength in 2weeks — Finance Minister assures Ghanaians
Share on FacebookShare on TwitterShare on Whatsapp

The Minister of Finance, Mr Ken Ofori-Atta, has given an assurance that the cedi will begin to appreciate against the major currencies within the next two weeks. “The reversal will occur and it is going to be pretty stable,” Mr Ofori-Atta stated.

He said a total of $4.6 billion would be injected into the system before the second quarter of the year.

Mr Ofori-Atta told journalists in Accra yesterday that the government was expecting about $900 million funding for the COCOBOD and an additional $750 million bridge financing intended to cover the government’s short-term expenses.

“Today as we speak, we launched our Eurobond, which would officially be close to $3 billion,” Mr Ofori-Atta announced.

Cedi not cheapest

Disagreeing with claims by some international news portals that the cedi was the cheapest currency on the continent, Mr Ofori-Atta said the economy was doing well despite the recent depreciation of the cedi.

For instance, he said inflation was currently in a single digit while growth stood at six per cent 

He said it was not healthy for Ghanaians to repeat the statement that the cedi was the cheapest on the continent, adding that “the truth of the matter is to look at the fundamentals.” 

The budget deficit, he explained, had gone down.

He said there was a similar shake up in the cedi until the government raised the $2.2 billion bond in 2017.

According to him, the strengthening of the US dollar last year also led to about eight per cent depreciation of the national currency.

He said the conclusion of the IMF programme had given some investors some discomfort but gave an assurance that the government was doing its best to stabilise the cedi.

Cedi Depreciation 

The cedi has depreciated by 8.5 per cent since January 2019.

Currency analysts are saying investors are withdrawing their money from the country, which was a cause for a slump in the value of the currency.

The other issue is a perception that the banking crisis had caused people to keep money from the banks.

Instead of investing in some instruments, people are buying dollars for keep. This increases demand.

Paperless System

Earlier, Mr Ofori-Atta answered questions on the floor of Parliament.

Answering a question posed by the Member of Parliament of Adaklu, Mr Kwame Governs Agbodza, on whether or not the paperless port system had increased the cost of doing business, Mr Ofori-Atta said it rather reduced the cost of doing business by 75 per cent.

Providing statistics to back his claim, Mr Ofori-Atta said his outfit, the Ghana Revenue Authority (GRA), the Ghana Ports and Harbours Authority (GPHA) and the Ghana Freight Forwarders Association conducted a comparative analysis on the cost of doing business in pre and post paperless regime at the port which showed that the components of doing business at the port had reduced from seven to three and thereby resulted in the reduction of doing business by 75 per cent.

Payment to GCB

Answering a question from the MP for Bolgatanga Central, Mr Isaac Adongo, on the amount the government had paid for the takeover of selected assets and liabilities of UT and Capital Banks, the finance minister said: “The Government of Ghana issued two separate bond certificates (A&B) with a face value of GH¢1,600,284,292.18 and GH¢2,201,280,634.00 and maturity dates of December 31, 2017 and December 31, 2027, respectively.”

MOMO Transactions 

He also told the House that the value of mobile money transactions had grown from GH¢594 million to GH¢2.2 billion over the past five years.

“This is a sector that is increasingly impacting the lives of our citizens positively and the government will work to ensure that fellow Ghanaians enjoy full benefits of this platform,” Mr Ofori-Atta indicated.

Source: Graphic online

Tags: COCOBODKen Ofori-AttaMinister of Finance

Subscribe to receive notification everytime a new post is published. We promise to be discrete.

Unsubscribe
Previous Post

Mahama responds to Owusu Bempah’s allegations

Next Post

Breaking News: Ghanaian striker Ben Acheampong sentenced to three years in prison in Egypt

Next Post
Breaking News: Ghanaian striker Ben Acheampong sentenced to three years in prison in Egypt

Breaking News: Ghanaian striker Ben Acheampong sentenced to three years in prison in Egypt

Search

No Result
View All Result

Listen Live

Happy Kaseɛbɔ 600AM news bulletin
Happy Kaseɛbɔ 600AM news bulletin

BBC Match of the Day Africa

Happy Ghana

Recent News

  • Family of slain NPP Chairman’s brother rejects police account, demands justice
  • Ghana records 20 new mpox Cases, total hits 302
  • Sam George fires back at MultiChoice Ghana over DStv pricing, demands real price cuts
  • About
  • advertise
  • Privacy Policy
  • Contact Us

© 2025 Happy FM – Powered by Ghana’s leading radio network. Designed with passion by Global Media Alliance.

No Result
View All Result
  • Home
  • News
  • Sports
    • International Sports
    • Afcon2017
    • Afcon2019
    • Corporate Knockout
    • U17 World Cup
    • World Cup 2018
  • Entertainment
  • Business
  • Bizarre
  • Feature
  • More
    • Technology
    • Opinion
    • Lifestyle
  • Listen Live

© 2025 Happy FM – Powered by Ghana’s leading radio network. Designed with passion by Global Media Alliance.