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Company News of Thursday, March 14, 2019
Source: thebftonline.com
2019-03-14
Ken Ofori-Atta, Minister of Finance
Finance Minister Ken Ofori-Atta said he is optimistic about the reversal of the depreciation of the Ghana cedi against major currencies in a few weeks.
According to the Minister of Finance, the turnaround and stability should recur over the next two to three weeks, given the influx of about $ 900 million of capital from the Cocobod product and the # 39; Eurobond.
"I am very confident that the reversal will occur. We have about $ 300 million from Cocobod, and an additional $ 600 million from Cocobod in about a month or more. Today, we officially launched our Eurobond of about 3 billion US dollars, which should be finalized by two weeks ago.
In the meantime, we have pbaded through Parliament with a bridge agreement of 500 to 750 million US dollars, to ensure a smooth transition, "he told B & FT during an interview. in parliament on Wednesday.
Since the beginning of February 2019, the cedi has been greatly depreciated and currently oscillates between 5.3 and 5.5 US dollars – a situation that professional badociations have described as worrisome.
The Bank of Ghana (BoG) has once again announced that it will inject $ 800 million into the system to consolidate one of the world's fastest-depreciating currencies; the cedi.
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