Akufo-Addo Will Soon Speak On Economic Challenges, Cedi Fall - Oppong Nkrumah

Akufo-Addo Will Soon Speak On Economic Challenges, Cedi Fall - Oppong Nkrumah



Information Minister, Kojo Oppong Nkrumah, has also announced that President Nana Addo Dankwa Akufo-Addo will address the nation after a cabinet retreat this weekend. Kojo Oppong Nkrumah says that the Cabinet meeting which will start on the Thursday and then end on Saturday will update the President on government’s


negotiation with the International Monetary Fund (IMF) and progress of work. President Akufo-Addo has come under intense pressure to address the nation of recent economic challenges. Speaking to media, Kojo Oppong Nkrumah said the President will speak at the appropriate time. On the Thursday, Cabinet itself will be meeting to



receive what has gone through the EMT and updates from the IMF negotiation so that some decisions will be made and then update the country on the next step forward. Today, Tuesday, October 25, 2022, the Governor of the Central Bank, Dr. Ernest Addison is to meet all CEOs of commercial banks and forex bureaus to help



end the continuous depreciation of the Ghana cedi. The cedi is currently selling at about GH¢14 to the dollar; a situation many say is affecting businesses. The Ghana cedi has lost close to 50 percent of its value since the beginning of 2022 and currently selling at about GHS 14.00. Bloomberg has also rated the currency as the



worst-performing worldwide after considering a basket of 148 currencies around the world. Kojo Oppong Nkrumah is optimistic the situation will be reversed. The Bank of Ghana will be meeting the Managing Directors of some of the Banks and the heads of the Forex Bureau Association to hold discussions aimed at ensuring that



the supply of forex on the market is stabilized and the overpricing is halted so that, those who need forex for business get it without hindrances at the banking halls as against rates on the black market or some other quarters. According to the government’s spokesperson, the Economic Management Team (EMT) as well as



cabinet will also be holding talks over the free fall of the cedi and other matters arising from the country’s engagements with the International Monetary Fund (IMF). We will also be looking at long-lasting measures to ensure that forex rate is stabilized in the country, even as we expect a lot more inflow of forex following the



completion of the syndication of COCOBOD transaction loan. The Economic Management Team is also meeting to appraise itself on some of the recommendations as we get closer to the end of the year.