Former Minister for Information, Kojo Oppong Nkrumah, has revealed that the government has used more than four billion dollars from the country’s reserves to help stabilise the Ghanaian cedi.
He explained that the government released the money onto the market to control the exchange rate and reduce pressure on the local currency.
According to him, this move helped the cedi to appreciate for some time and contributed to slowing down inflation.
Mr. Oppong Nkrumah said the decision formed part of broader measures by the government and the Bank of Ghana to bring down inflation, which now stands at 9.4 percent.
He added that when the cedi becomes stable, the prices of imported goods also stop rising quickly, which helps to reduce the cost of living.
However, the minister admitted that prices are still high, especially for food items, due to challenges in local production and transportation.
He explained that while imported inflation has been controlled, domestic inflation remains a concern because farmers continue to face problems such as access to fertilizers, fuel, and storage facilities.
By: Jacob Aggrey
