Sell the dollars you are hoarding because more dollars are coming in – Information minister

Sell the dollars you are hoarding because more dollars are coming in - Information minister
“If I were you holding onto dollars, I’ll be selling by now because a lot of dollars is coming in.”

Minister for Information and lawmaker for Ofoase Ayirebi constituency has asked some Ghanaians to sell the dollars they are hoarding because more dollars is coming in the economy.

According to Kojo Oppong Nkrumah, the information minister, a lot of dollars are entering the country to support the strength of the native currency, the Cedi.

The US$750 million Afreximbank loan and the subsequent US$1.3 billion syndicated loan from the cocoa industry, totaling US$2 billion, are expected to immediately affect the Ghanaian economy, according to the Ofoase Ayirebi lawmaker.

“External factors, like the repatriation of funds, have caused a cedi that has depreciated very quickly,” he said. “The Bank of Ghana introduced a raft of measures to deal with the depreciation of the cedi.”

“I believe the President was informed this morning that the US$750 million that we were expecting should touch our account by Tuesday or Wednesday now that all the paperwork has been finished.

“Therefore, if I were you and I was holding onto dollars, I would have sold them by now because there are a lot of dollars coming in from the US$750 million and then from the cocoa US$1.3 billion syndicated loan that combined amount to US$2 billion impacting the Ghanaian economy.

“We must considerably reduce our import bills. We import rice, poultry, and fruit juices; we need to be clear about what we must do to cut down on imports, and those are some of the things we are doing, he said on Asaase Radio in Accra on Tuesday.

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Sell the dollars you are hoarding because more dollars are coming in – Information minister 

 

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