Cedi depreciation: Don’t panic, says Ken Ofori-Atta

As the local currency continues to depreciate against major international currencies, especially the US dollar, Ofori-Atta said Ghanaians should not panic

The Minister for Finance, Ken Ofori-Atta has given assurance to Ghanaians that the government is working around the clock to get the economy back in shape.

As the local currency continues to depreciate against major international currencies, especially the US dollar, Ofori-Atta said Ghanaians should not panic because the economy will bounce back soon.

The International Monetary Fund (IMF) has started talks with Ghana over a US$3 billion deal and last month IMF officials said they expected to reach an agreement before the end of the year.

“It’s quite perplexing to see where it’s going, of course, typically in October, people are importing for Christmas and maybe there’s a rush for that (the dollar) but my expectation is that once we also conclude with the Fund (IMF), that will lead to the fund’s disbursement early next year to do that,” Ofori-Atta told Asaase Radio’s Nana Oye Ankrah in Washington.

“The support we are getting from countries like Germany and France, we are confident that we will get the resources needed, so we really would want people to know not to panic or be rushing in order to put pressure on the currency, I think it’s unnecessary and we are in good shape,” he added.

The MD of the International Monetary Fund (IMF), Kristalina Georgieva, has stated that a deal between Ghana and the Fund should be reached and finalised before the end of the year.

In a close door meeting with President Nana Addo Dankwa Akufo-Addo on Monday (5 September) on the sidelines of the Africa Adaptation Summit, in Rotterdam, Netherlands, the IMF boss told the Ghanaian leader that “we understand the urgency, and we will move as quickly as possible.”

Describing Ghana as a “superb country”, she reiterated the determination of the Fund to work with the government and the Ministry of Finance, and ensure that an agreement is in place before the end of the year.

On his part, President Akufo-Addo indicated to the IMF boss that a lot of work has been done by his cabinet and the Ministry of Finance, and the document to be presented by the Ghana side “is ready for the scrutiny of the IMF.”

source: asaaseradio.com