Ghana's Minister of Finance And Economic Planing, Mr. Ken Ofori Atta has revealed that, the launch of the debt exchange programme in the country, which coupled with the signing of the the International Monetary Fund's (IMF) staff-level agreement, is the cause of the Cedi's re-bounce in the past week.
Whilst updating the public on Monday, December 19 2022, on the state of the Ghanaian's economy, the Finance Minister said; "While accommodating the input of stakeholders, we must do all we can to sustain the gains made from these initiatives, keeping in sight the urgency of obtaining IMF board approval in Q1 2023".
Clearing the air on the various controversies over the recently launched Domestic Debt Exchange Programme; Ken Ofori Atta assured that, "the launch of that policy has also contributed significantly to the rebound of the Cedi".
The Minister through his State of the Nation's address, also urged the Parliament of Ghana, "to support the government, in getting the Appropriations Bill passed to cement government efforts to saving the economy from deterioration".
Regarding the current 'broken' state of the economy, Finance Minister-Mr. Ofori Atta gave Ghanaians more hope, by outlining some steps that will be taken to help resolve the nation’s present economic problems.
He again assured the public of further strengthening of the Ghanaian Cedi against the US dollar.
For the past weeks in Ghana, the economy suffered 'great falls', leading to the high cost of goods and services in the country.
The country's currency (Ghana cedi), and saw some of its worst performances against it international trading currencies; with the United States Dollar alone hitting almost Ghc15 per dollar.
Today; as at 20th December, the exchange rates are: 1 USD to Ghana cedi is Ghc7. 5 at buying and Ghc9.5 at selling.
The Euro sells at 10.11 and buys at the rate of 7.9. The United Kingdom's GBP sells at 11.5; buys at 9.0.
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