Gov’t receives $750 million loan from Afrexim Bank
The government of Ghana has received the expected $750 million loan from Afrexim Bank.
This is part of the $2 billion loan from different sources expected by the Government to aid in the halting the free fall of the cedi.
Citi News Sources with the Ministry of Finance say the $750 million came in three tranches of $332 million, $187 million and 193 million euros.
The amount has since been transferred to the Bank of Ghana for a cedi equivalent to help shore up the central bank’s reserves.
The cocoa syndicated loan is also expected to add $1.3 billion to Ghana’s coffers.
The cedi has dropped by at least 35 percent in 2022, according to Bloomberg, making it the world’s worst-performing currency after Sri Lanka’s rupee among 150 economies tracked.
By: Hanson Agyemang