Don't rush to buy forex, there's enough supply in the market - Finance Minister tells Ghanaians

Minister of Finance, Dr. Mohammed Amin Adam, has assured Ghanaians that there is enough supply of foreign exchange in the market to sustain gains made towards improving the performance of the local currency – the Cedi.

According to him, the Bank of Ghana has built up strong reserves to boost the stability of the Cedi against major trading currencies.

Speaking at a press briefing to provide an update on the economy on May 24, 2024, the finance minister said Ghana is expected to receive a total disbursement of US$2.3 billion before the end of this year.

He said these disbursements form part of the IMF bailout package, World Bank loan facility, and other related funding from donor partners.

“We, therefore, expect total disbursements of at least US$2.32 billion before the end of the year to add to the significant foreign exchange reserves already built up by the BoG,” the minister said.

In view of this, Dr. Amin Adam has urged Ghanaians not to be in haste to buy foreign exchange from the market as he believes speculation around the Cedi’s performance ultimately results in its decline.

“We wish to assure Ghanaians that there is enough foreign exchange. Hence, there is no need to rush and buy forex,” the finance minister said.

Meanwhile, the Ghanaian Cedi has experienced one of its worst declines in decades. At major forex bureaus in the capital Accra, the local currency is trading at GH¢15.00 as of May 24, 2024.

International news portal, Bloomberg, has predicted that the value of the Cedi will depreciate further by the end of the year.



MA