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By Benjamin Mensah and Christopher Arko, GNA
Accra, March 14, GNA – The Government on
On Wednesday, he announced that he was adopting a number of measures, in the next
two weeks, to reverse the depreciation of the Ghanaian currency; the cedi.
"I am very confident that the reversal is happening
and make the Cedi stable in the future, "said Finance Minister Ken
Ofori-Atta told Parliament in Accra.
Mr. Ofori-Atta said that the government should
receive € 900 billion in COCOBOD receipts and € 3 billion in bonds,
launched last year and an additional $ 750 million in bridge financing.
Mr. Ofori-Atta gave badurance in a
interview with journalists after the end of the debate on the
Government request for a sovereign guarantee cedis of two billion ghana at
Ghana Amalgamated Trust Limited to support Ghana's indigenous banks.
The minister said that he was sure that the Ghana Cedi
would stabilize soon against major currencies.
He said the challenge was how to manage the
the country's imports and at the same time stimulate exports, adding that the country
change its import dependency, "otherwise we will still struggle against
this question, no matter the government in power. "
Mr. Ofori Atta recalled that, last year, the
The central bank had to intervene with $ 1.8 billion.
For the first quarter of this year, the
The government has already injected $ 90 million.
Mr. Ofori Atta said that it was surprising that the
the cedi is expected to depreciate after the government's efforts to stabilize the economy
including the achievement of single-digit inflation.
The vote on the debate to adopt finances
Report of the commission on the request of the government to create a sovereign fund of two billion cedis
Guarantee for Ghana Amalgamated Trust (GAT) Limited to help indigenous people
Ghanaian banks were delayed due to lack of figures.
The minority supported the recapitalization of
the Agricultural Development Bank and the National Investment Bank, but
against the use of a private entity, the GAT, claiming that the
Government should recapitalize directly the two national banks, rather than
throw them into private hands.
The majority, citing JP Morgan as being
For example, however, argued that during the US financial crisis
private entities have been used to recapitalize banks, for which
US Government then made good results.
GNA
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