Ghana is attempting to emerge from the economic ashes it has found itself in during these trying times. Ghana chose to seek financial assistance from the International Monetary Fund after a lengthy delay. However, before this assistance arrives, the economy is in upheaval. Numerous financial institutions are lowering their economic forecasts. Currently, President Akufo-Addo is touring several regions of the country.
He is currently in the Upper West Region. The president was accompanied by a delegation of high caliber. In an interview with Citi TV regarding the economic decline, Kojo Oppong Nkrumah told Ghanaians that things will soon improve.
According to the Minister of Information, the country’s reliance on imports would soon be reduced, ensuring economic stability and the protection of domestic industry. Intriguingly, Oppong Nkrumah mentioned that a $750 facility and $1.3 billion from cocoa syndicates are forthcoming. He explained that this will result in around $2 billion being injected into the economy. He stated that this money will support the economy until IMF assistance arrives the next year. Oppong Nkrumah urged Ghanaians with dollar reserves to begin selling them. He boldly predicted that as a result of the influx of $2 billion, the cedi will rise and the dollar will fall.
He recommended Ghanaians to exchange their dollars for cedis in order to be on the safe side. Intriguingly, many individuals would not be as enthusiastic about what Oppong Nkrumah said. A few months ago, the government put millions of dollars into the economy, and a few weeks after, the economy began to decline once more.
To stabilize the economy, the government must implement long-term measures that are realistic and effective. As long as imports continue to rise and excessive spending persists, the economy will continue to decline. Many would not take Oppong Nkrumah seriously unless something practical is demonstrated. Are you prepared to exchange your dollars for cedis?