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Ghana is currently in difficult times as the country seeks to rise from the ashes the economy has found itself in. After a lengthy wait, Ghana decided to seek financial bailout from the International Monetary Fund. However, before this helps comes, the country is in turmoil economically. Many financial institutions are downgrading the economy.
President Akufo-Addo is currently on a tour in various parts of the country. Currently, he is in the Upper West Region. The president was accompanied by a high powered delegation. In an interview with Citi TV about the fall of the economy, Kojo Oppong Nkrumah assured Ghanaians that things were about to get better.
According to the Information Minister, the dependence on imports is about to be reduced and this will make sure that the country’s economy is stable and local industries protected. Interestingly Oppong Nkrumah noted that there is a $750 facility coming as well as %1.3 billion from cocoa syndicates. He explained that this means about $2 billion is about to be pumped into the economy. He noted that this money will stabilize the economy till the IMF help comes next year.
Oppong Nkrumah called on Ghanaians who had stocked dollars to start selling them. He boldly stated that with the coming in of the $2 billion, the cedi will rise and this will cause the dollar to fall. He advised Ghanaians to sell the dollars they have and acquire cedis in order to be on a safer side.
Interestingly, many will not be so enthused by what Oppong Nkrumah said. Few months ago, the government pumped millions into the economy and few weeks later the economy slumped again. The government needs practical long term measures to stabilize the economy. As long as imports increase and overspending continues, the economy will continue to slump. Many will not take Oppong Nkrumah serious until they see something tangible. Are you ready to sell off your dollars and acquire cedis?
From Opera News
