Cedi will soon be stable so stop hoarding forex – Amin Adam

Minister for Finance, Dr. Mohammed Amin Adam has reaffirmed the government’s commitment to stabilizing the cedi soon.

Dr Amin Adam said there are brighter days ahead for the Ghanaian Cedi, thus, eliminating the need for people to hoard forex. He said by the end of the year, foreign exchange would be enough for the economy.

According to the Finance Minister, the expected disbursements from the International Monetary Fund, World Bank and Cocoa Syndicated Funds would shore up the government’s currency reserves. He noted that the above sources with the Gold for Oil and Bank of Ghana’s Domestic Gold Purchase Programme would add an estimated $2.32 billion to the economy.

“There is no need to rush and buy forex. We expect total disbursements of at least US$2.32 billion before the end of the year to add to the significant foreign exchange reserves already built up by the BoG,” Amin Adam said at the MoF’s Monthly Economic Update on May 24, 2024.

According to the Finance Minister, the positive reviews from the IMF are evidence that the government is on track to reverse the country’s economic fortunes.

“The positive results of the first and second reviews of the implementation of the IMF-supported Programme testify that we are achieving the Programme’s objective of restoring macroeconomic stability and debt sustainability,” Amin Adam stated.