The Finance Minister Ken Ofori-Atta has called on Ghanaians to remain calm, insisting the cedi will stabilise within the next two weeks.
Addressing journalists outside Parliament on Wednesday, he said government plans to tackle the situation by pushing large inflows of foreign exchange into the country.
The Minister was confident that the government will soon find a solution to the fast depreciation of the cedi.
“We have about $300 million coming in from COCOBOD and another $600 million also from COCOBOD in about a month or so. We have officially launched our Eurobond which will be $3 billion and that should close within the next couple of weeks,” Mr. Ofori-Atta stated.
The cedi has depreciated to a record low, with the US dollar currently selling at between GH¢5.55 and GH¢5.75.
However, some currency dealers are reportedly trading the local currency at GH¢5.80 for a dollar.
This has led to importers expressing worry over the depreciation of the cedi against foreign currencies like the US dollar and the pound.
The Vice President, Dr. Mahamudu Bawumia, has also come in for strong criticism for not being able to salvage the situation so far.
However, the Finance Minister said the government’s main challenge over the years has been how to structurally balance imports and exports.
According to him, Ghana must take steps to limit its dependence on imports “or else we will always be battling – it doesn’t matter the government.”
Mr. Ofori-Atta, however, reiterated that “with the type of capital that we are expecting to get in the next few weeks, we really expect a reversal and stability.”