MP Isaac Adongo Disputes Finance Minister’s Cedi Strength Forecast, Urges Businesses to Secure Dollars

by Louisa Afful
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Isaac Adongo, Ranking Member on Parliament’s Finance Committee, has dismissed Finance Minister Dr. Mohammed Amin Adam’s optimism about the Ghana Cedi strengthening soon against the US dollar. Adongo advised businesses needing dollars to disregard the Minister’s reassurances and take steps to secure their currency needs, questioning the likelihood of a quick cedi recovery.

Adongo’s remarks came after Finance Minister Dr. Amin Adam stated that Ghana’s economy would rebound following the completion of debt restructuring. Adongo, speaking to journalists in Parliament on June 26, 2024, advised businesses requiring dollars to proceed with purchases but cautioned against speculative buying.

Regarding IMF funds received, Adongo clarified that they are reserved for future debt repayments in foreign currency, as per IMF regulations. He emphasized that these funds cannot be used to intervene in the currency market without violating IMF agreements designed to safeguard repayment obligations.


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