Speaking to Journalists outside Parliament House Wednesday, March 13, 2019, Mr. Ofori-Atta said government is expecting large inflows of foreign exchange which will help turn around the value of the cedi which has hit a record low of 5.6 to a dollar.
“Really I am very confident that a reversal is going to occur and that it [cedi] is going to be pretty stable going forward. We have about 200 million dollars coming in from Cocobod and another 600 million from cocobod in a month or so…and that should close within the next weeks or so…with the type of capital that we expect in the few weeks we really expect a reversal and a stability,” the Finance Minister said.
Critics have blamed government’s policies for the weakening of the cedi against the U.S. Dollar and other major currencies – a stance Vice President Dr Bawumia Bawumia rejected.
To address the current cedi challenges, some analysts have urged the central bank to dig into its reserves and ensure there is enough supply to meet the demand for the US dollar by the market.
Others also believe the situation is a short-term one, resulting from the ongoing banking sector reforms, and that it will correct itself.