\n
Government has expressed confidence in the cedi\u2019s ability to withstand increased forex demand, particularly as the holiday season approaches.<\/p>\n
Finance Minister Dr. Mohammed Amin Adam expressed confidence during a media briefing in Washington, D.C., USA \u2013 noting recent efforts to bolster the nation\u2019s foreign currency reserves and secure international financial support to ease pressure on the cedi.<\/p>\n
\u201cWe\u2019ve seen relative stability in the cedi over the last month,\u201d Dr. Adam stated, adding that government is \u201cdetermined to continue stabilising the cedi\u201d.<\/p>\n
He acknowledged that as year-end approaches demand for foreign currency typically rises, driven by increased import and business activities.<\/p>\n
To address this demand, Dr. Adam outlined measures taken by the Bank of Ghana (BoG) to shore-up the country\u2019s forex reserves.<\/p>\n
He noted that BoG has accumulated \u201csignificant reserves to meet the demand\u201d and that additional inflows are expected from international financial institutions in coming months.<\/p>\n
According to the Bank of Ghana, Gross International Reserves increased by US$1.58billion to US$7.50billion at end-August 2024, equivalent to 3.4 months of import cover. Net International Reserves also increased by US$1.73billion to US$4.92billion at end-August 2024. The higher build-up in Gross International Reserves was largely on account of the domestic gold purchase programme\u2019s strong performance.<\/p>\n
On expected inflows from international financial institutions, the country is set to receive US$360million from the International Monetary Fund (IMF) following the board\u2019s approval on December 2. An additional US$300million will be provided by the World Bank under its Development Policy Operations (DPO) series.<\/p>\n
These funds are anticipated to reinforce the country\u2019s foreign currency reserves and help maintain exchange rate stability into early next year.<\/p>\n
Despite these efforts, recent data show that the cedi has faced downward pressure. Last week, the local currency depreciated by 1.06% against the U.S. dollar, closing at a mid-rate of 16.55 per dollar.<\/p>\n
The cedi also declined slightly against the British pound and euro, with a 0.23 percent and 0.28 percent drop, respectively. Increased demand from both local and offshore markets has been a contributing factor to the currency\u2019s recent performance.<\/p>\n
In response, the BoG accepted all bids at its weekly FX auction, totalling US$89.3million. However, that auction alone was insufficient to curb the ongoing demand pressures.<\/p>\n
This week, the BoG plans to offer an additional US$20million to Bulk Oil Distribution Companies (BDCs) to address the sector\u2019s forex needs, though analysts believe the demand for dollars may keep the currency under strain.<\/p>\n
Dr. Adam remained optimistic, however; pointing out that the combined effect of accumulated reserves and anticipated inflows from the IMF and World Bank should provide sufficient support for the cedi.<\/p>\n
\u201cIn addition to what the Bank has already accumulated in reserves, these forex flows will certainly help in stabilising the cedi further into early next year,\u201d he said.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"
Government has expressed confidence in the cedi\u2019s ability to withstand increased forex demand, particularly as the holiday season approaches. Finance Minister Dr. Mohammed Amin Adam expressed confidence during a media briefing in Washington, D.C., USA \u2013 noting recent efforts to bolster the nation\u2019s foreign currency reserves and secure international financial support to ease pressure on […]<\/p>\n","protected":false},"author":1,"featured_media":211418,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-241149","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\n
Government expects cedi to withstand seasonal demand-surge - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2024\/10\/29\/government-expects-cedi-to-withstand-seasonal-demand-surge\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Government expects cedi to withstand seasonal demand-surge - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"Government has expressed confidence in the cedi\u2019s ability to withstand increased forex demand, particularly as the holiday season approaches. Finance Minister Dr. Mohammed Amin Adam expressed confidence during a media briefing in Washington, D.C., USA \u2013 noting recent efforts to bolster the nation\u2019s foreign currency reserves and secure international financial support to ease pressure on […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.ghanamma.com\/2024\/10\/29\/government-expects-cedi-to-withstand-seasonal-demand-surge\/\" \/>\n<meta property=\"og:site_name\" content=\"Ghanamma.com\" \/>\n<meta property=\"article:published_time\" content=\"2024-10-29T07:00:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.ghanamma.com\/2024\/wp-content\/uploads\/2024\/08\/61205975.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"600\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Ghana News\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ghana News\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/10\\\/29\\\/government-expects-cedi-to-withstand-seasonal-demand-surge\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/10\\\/29\\\/government-expects-cedi-to-withstand-seasonal-demand-surge\\\/\"},\"author\":{\"name\":\"Ghana News\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/#\\\/schema\\\/person\\\/c70749f3edfbfcd92d45e933f0fe10b5\"},\"headline\":\"Government expects cedi to withstand seasonal demand-surge\",\"datePublished\":\"2024-10-29T07:00:39+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/10\\\/29\\\/government-expects-cedi-to-withstand-seasonal-demand-surge\\\/\"},\"wordCount\":473,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/10\\\/29\\\/government-expects-cedi-to-withstand-seasonal-demand-surge\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/wp-content\\\/uploads\\\/2024\\\/08\\\/61205975.jpg\",\"articleSection\":[\"Business\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/10\\\/29\\\/government-expects-cedi-to-withstand-seasonal-demand-surge\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/10\\\/29\\\/government-expects-cedi-to-withstand-seasonal-demand-surge\\\/\",\"url\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/10\\\/29\\\/government-expects-cedi-to-withstand-seasonal-demand-surge\\\/\",\"name\":\"Government expects cedi to withstand seasonal demand-surge - Ghanamma.com\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/10\\\/29\\\/government-expects-cedi-to-withstand-seasonal-demand-surge\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/10\\\/29\\\/government-expects-cedi-to-withstand-seasonal-demand-surge\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/wp-content\\\/uploads\\\/2024\\\/08\\\/61205975.jpg\",\"datePublished\":\"2024-10-29T07:00:39+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/#\\\/schema\\\/person\\\/c70749f3edfbfcd92d45e933f0fe10b5\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/10\\\/29\\\/government-expects-cedi-to-withstand-seasonal-demand-surge\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/10\\\/29\\\/government-expects-cedi-to-withstand-seasonal-demand-surge\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/10\\\/29\\\/government-expects-cedi-to-withstand-seasonal-demand-surge\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/wp-content\\\/uploads\\\/2024\\\/08\\\/61205975.jpg\",\"contentUrl\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/wp-content\\\/uploads\\\/2024\\\/08\\\/61205975.jpg\",\"width\":600,\"height\":400},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/10\\\/29\\\/government-expects-cedi-to-withstand-seasonal-demand-surge\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Government expects cedi to withstand seasonal demand-surge\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/#website\",\"url\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/\",\"name\":\"Ghanamma.com\",\"description\":\"Ghana mma provides breaking news, top stories in Ghana, Africa, business, entertainment, politics and more.\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/#\\\/schema\\\/person\\\/c70749f3edfbfcd92d45e933f0fe10b5\",\"name\":\"Ghana News\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/22cb97c2b08df229330efb2b8c2645feaae8d3ca3ee434035fbb668b5b82f570?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/22cb97c2b08df229330efb2b8c2645feaae8d3ca3ee434035fbb668b5b82f570?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/22cb97c2b08df229330efb2b8c2645feaae8d3ca3ee434035fbb668b5b82f570?s=96&d=mm&r=g\",\"caption\":\"Ghana News\"},\"sameAs\":[\"https:\\\/\\\/www.ghanamma.com\\\/2024\"],\"url\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/author\\\/ghanamma\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Government expects cedi to withstand seasonal demand-surge - Ghanamma.com","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.ghanamma.com\/2024\/10\/29\/government-expects-cedi-to-withstand-seasonal-demand-surge\/","og_locale":"en_US","og_type":"article","og_title":"Government expects cedi to withstand seasonal demand-surge - Ghanamma.com","og_description":"Government has expressed confidence in the cedi\u2019s ability to withstand increased forex demand, particularly as the holiday season approaches. Finance Minister Dr. Mohammed Amin Adam expressed confidence during a media briefing in Washington, D.C., USA \u2013 noting recent efforts to bolster the nation\u2019s foreign currency reserves and secure international financial support to ease pressure on […]","og_url":"https:\/\/www.ghanamma.com\/2024\/10\/29\/government-expects-cedi-to-withstand-seasonal-demand-surge\/","og_site_name":"Ghanamma.com","article_published_time":"2024-10-29T07:00:39+00:00","og_image":[{"width":600,"height":400,"url":"https:\/\/www.ghanamma.com\/2024\/wp-content\/uploads\/2024\/08\/61205975.jpg","type":"image\/jpeg"}],"author":"Ghana News","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Ghana News","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.ghanamma.com\/2024\/10\/29\/government-expects-cedi-to-withstand-seasonal-demand-surge\/#article","isPartOf":{"@id":"https:\/\/www.ghanamma.com\/2024\/10\/29\/government-expects-cedi-to-withstand-seasonal-demand-surge\/"},"author":{"name":"Ghana News","@id":"https:\/\/www.ghanamma.com\/2024\/#\/schema\/person\/c70749f3edfbfcd92d45e933f0fe10b5"},"headline":"Government expects cedi to withstand seasonal demand-surge","datePublished":"2024-10-29T07:00:39+00:00","mainEntityOfPage":{"@id":"https:\/\/www.ghanamma.com\/2024\/10\/29\/government-expects-cedi-to-withstand-seasonal-demand-surge\/"},"wordCount":473,"commentCount":0,"image":{"@id":"https:\/\/www.ghanamma.com\/2024\/10\/29\/government-expects-cedi-to-withstand-seasonal-demand-surge\/#primaryimage"},"thumbnailUrl":"https:\/\/www.ghanamma.com\/2024\/wp-content\/uploads\/2024\/08\/61205975.jpg","articleSection":["Business"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.ghanamma.com\/2024\/10\/29\/government-expects-cedi-to-withstand-seasonal-demand-surge\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.ghanamma.com\/2024\/10\/29\/government-expects-cedi-to-withstand-seasonal-demand-surge\/","url":"https:\/\/www.ghanamma.com\/2024\/10\/29\/government-expects-cedi-to-withstand-seasonal-demand-surge\/","name":"Government expects cedi to withstand seasonal demand-surge - Ghanamma.com","isPartOf":{"@id":"https:\/\/www.ghanamma.com\/2024\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.ghanamma.com\/2024\/10\/29\/government-expects-cedi-to-withstand-seasonal-demand-surge\/#primaryimage"},"image":{"@id":"https:\/\/www.ghanamma.com\/2024\/10\/29\/government-expects-cedi-to-withstand-seasonal-demand-surge\/#primaryimage"},"thumbnailUrl":"https:\/\/www.ghanamma.com\/2024\/wp-content\/uploads\/2024\/08\/61205975.jpg","datePublished":"2024-10-29T07:00:39+00:00","author":{"@id":"https:\/\/www.ghanamma.com\/2024\/#\/schema\/person\/c70749f3edfbfcd92d45e933f0fe10b5"},"breadcrumb":{"@id":"https:\/\/www.ghanamma.com\/2024\/10\/29\/government-expects-cedi-to-withstand-seasonal-demand-surge\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.ghanamma.com\/2024\/10\/29\/government-expects-cedi-to-withstand-seasonal-demand-surge\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.ghanamma.com\/2024\/10\/29\/government-expects-cedi-to-withstand-seasonal-demand-surge\/#primaryimage","url":"https:\/\/www.ghanamma.com\/2024\/wp-content\/uploads\/2024\/08\/61205975.jpg","contentUrl":"https:\/\/www.ghanamma.com\/2024\/wp-content\/uploads\/2024\/08\/61205975.jpg","width":600,"height":400},{"@type":"BreadcrumbList","@id":"https:\/\/www.ghanamma.com\/2024\/10\/29\/government-expects-cedi-to-withstand-seasonal-demand-surge\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.ghanamma.com\/2024\/"},{"@type":"ListItem","position":2,"name":"Government expects cedi to withstand seasonal demand-surge"}]},{"@type":"WebSite","@id":"https:\/\/www.ghanamma.com\/2024\/#website","url":"https:\/\/www.ghanamma.com\/2024\/","name":"Ghanamma.com","description":"Ghana mma provides breaking news, top stories in Ghana, Africa, business, entertainment, politics and more.","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.ghanamma.com\/2024\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.ghanamma.com\/2024\/#\/schema\/person\/c70749f3edfbfcd92d45e933f0fe10b5","name":"Ghana News","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/22cb97c2b08df229330efb2b8c2645feaae8d3ca3ee434035fbb668b5b82f570?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/22cb97c2b08df229330efb2b8c2645feaae8d3ca3ee434035fbb668b5b82f570?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/22cb97c2b08df229330efb2b8c2645feaae8d3ca3ee434035fbb668b5b82f570?s=96&d=mm&r=g","caption":"Ghana News"},"sameAs":["https:\/\/www.ghanamma.com\/2024"],"url":"https:\/\/www.ghanamma.com\/2024\/author\/ghanamma\/"}]}},"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2024\/wp-json\/wp\/v2\/posts\/241149","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2024\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2024\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2024\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2024\/wp-json\/wp\/v2\/comments?post=241149"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2024\/wp-json\/wp\/v2\/posts\/241149\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2024\/wp-json\/wp\/v2\/media\/211418"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2024\/wp-json\/wp\/v2\/media?parent=241149"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2024\/wp-json\/wp\/v2\/categories?post=241149"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2024\/wp-json\/wp\/v2\/tags?post=241149"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}