The Bank of Ghana aims to bolster foreign reserves to stabilize the cedi amid its depreciation.

The Bank of Ghana is taking steps to strengthen its foreign reserves amid the cedi's significant depreciation against major currencies, currently trading at about GH¢17 to one US dollar. To address increased foreign exchange demand during the upcoming festive season, the central bank aims for greater stability in the cedi. The country anticipates receiving US$360 million from the IMF and US$300 million from the World Bank to support these efforts and enhance economic stability.

November 04, 2024
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