Dr. Mohammed Amin Adam, the Minister of Finance, stated that the government is anticipating $2.32 billion in inflows from its development partners to stabilize the cedi.
"We expect total disbursements of at least $2.32 billion before the end of the year to supplement the significant foreign exchange reserves already accumulated by the Bank of Ghana," he said.
He mentioned that inflows from the World Bank, the third tranche of the International Monetary Fund Extended Credit Facility, and cocoa syndicated proceeds will assist government efforts to stabilize the cedi.
"The disbursements of the 3rd Tranche under the 2nd Review of the IMF-supported PC-PEG after the IMF Executive Board approval in June 2024, disbursement from other ongoing projects, including the $150 million World Bank Loan following the parliamentary approval last week Friday," he said.
"The expected disbursement of $300 million under the World Bank DPO2, possibly in the 3rd quarter of 2024, Disbursements of $200 million to Ghana EXIM Bank and GCB by EBID later in the year. The expected 2024/25 Cocoa syndication proceeds in the 4th quarter of 2024 will all support the strengthening of the cedi as they boost the supply of Forex to the markets," he said.
Dr. Amin also listed a number of measures the government had taken in collaboration with the central bank to complement the expected inflows from the development partners to stabilize the cedi.
According to the minister, these measures included expediting the fiscal consolidation process through rationalizing spending and enhancing revenue mobilization, intensifying the gold-for-oil program, and implementing appropriate FX interventions by the BoG.
Dr. Amin also mentioned that the government would enhance the gold for reserve program by the central bank to bolster Ghana's reserves.
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