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Company News of Wednesday, March 13, 2019
Source: Starrfmonline.com
2019-03-13
Ken Ofori-Atta, Minister of Finance
Finance Minister Ken Ofori-Atta said the cedi would stabilize in the coming weeks.
Sending to reporters in front of Parliament on Wednesday, March 13, 2019, Mr. Ofori-Atta said that the government is expecting significant foreign currency inflows that will help reverse the value of the cedi , which reached a record high of 5.6 for a dollar.
"Really, I'm very confident that a reversal will happen and that this [cedi] will be fairly stable in the future. We have about $ 200 million from Cocobod and $ 600 million from cocobod in about a month … and that should close in the next few weeks … with the kind of capital we're planning in the next few weeks, we're really expecting a turnaround and stability, "said the Minister of Finance.
Critics have accused the government's policies of weakening the cedi against the US dollar and other major currencies – a position that Vice President Bawumia Bawumia rejected.
Some badysts have asked the central bank to tap into its reserves and ensure that the supply is sufficient to meet the demand of the US dollar market, in order to face the current challenges of the cedi.
Others also think that the situation is a short-term situation resulting from the ongoing reforms of the banking sector and that it will correct itself.
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