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The Minister for Finance, Dr. Mohammed Amin Adam, has reassured Ghanaians that there is ample foreign exchange available to meet the country’s needs and urged the public to avoid panic buying of forex, which can lead to unnecessary market volatility.
Speaking during his Monthly Economic Update on Friday, May 24, 2024, Dr. Adam emphasized, “There is enough foreign exchange in the system, and we strongly advise against any rush to purchase forex out of panic.” He assured the public that measures are in place to ensure a steady supply of foreign currency to meet legitimate demand.
He highlighted that the government’s strategic interventions have significantly boosted Ghana’s gross international reserves, which stood at $2.8 billion as of April 2024. This improvement is attributed to the successful implementation of the Post Covid-19 Programme for Economic Growth (PC-PEG) and support from the IMF.
“Our gross international reserves have seen a notable increase, providing a buffer that supports the stability of our currency,” Dr. Adam noted.
He stressed the importance of maintaining calm and rational behavior in the forex market to avoid unnecessary disruptions. Panic buying, he warned, creates artificial scarcity and leads to unwarranted depreciation of the cedi. He urged everyone to remain calm and trust the measures the government has implemented.
Addressing concerns about inflation and exchange rate fluctuations, the Finance Minister assured that the government is enacting robust policies to manage these challenges. He mentioned that inflation is on a downward trend, having decreased from a peak of 54.1% in December 2022 to 30% in April 2024. “We are committed to further reducing inflation to enhance the purchasing power of Ghanaians,” he said.
Dr. Amin Adam also highlighted the government’s multifaceted approach to ensuring economic stability, which includes efforts to restore fiscal and debt sustainability, stabilize inflation and the exchange rate, and preserve financial stability. He affirmed that these measures are part of a broader goal to foster a stable and resilient economy that benefits all Ghanaians.
Source:Omanghana.com
