The Central Bank of Ghana (BoG) has announced that it is injecting at least $800 million into the country’s reserves to help stabilise the troubled cedi against major international currencies, especially the US dollar.

The injection would move the country’s reserves to the region of $4 billion, which will be enough to provide confidence in the system and stop the free fall of the cedi.

The Head of Financial Markets at the bank, Mr. Steve Opata, who made this known, said since January this year, the cedi had depreciated 3.6 percent against the dollar, owing to the fact that the international community sold some of their investments in the local securities.

He told the Daily Graphic that, “I am very optimistic that it will not be long before we see stability and some recovery of the cedi.”

The Ghanaian government is taking steps to check the fall of the cedi, which began in January this year.

Source: APA News