Ghana’s cedi has faced significant pressure recently, depreciating by approximately 6.8% against the dollar, as reported by the Bank of Ghana.
In response to this, Minister of Finance Dr. Mohammed Amin Adam announced during a press briefing that Ghana anticipates receiving a 1.2 billion dollar disbursement, from its Development Partners by the end of 2024.
This injection of funds aims to stabilize the cedi, with additional planned disbursements supporting growth initiatives, and strengthening the currency.
“To further stabilize the currency, we are expecting a total disbursement of about $1.2 billion from our development partners namely, the IMF, the World Bank and the African Development Bank, and these we expect to be disbursed before the end of this year, 2024”, Dr. Amin Adam stated.
Dr. Amin Adam also highlighted Ghana’s efforts to expedite remaining debt restructuring negotiations, targeting a rework of over 13 billion dollars of international bonds.
He further says the government had concluded negotiations with independent power producers (IPPs), and would be signing an agreement with them over the next two to three weeks.
“The energy sector continues to be another for us because the arrears as we know it today is still huge on our books…..but we are almost through with our negotiations with the IPPs to restructure the arrears over several years and I believe in the next two to three weeks, we’ll be signing those agreements”, the minister said.
