Ghana finance minister says local currency to stabilize

ACCRA, March 15 (Xinhua) -- Ghana's Finance Minister Ken Ofori-Atta on Friday expressed confidence that the local cedi currency, which has seen some of its worst performances in recent years, would begin to stabilize.

Once the inflows of some expected foreign exchange came in, the situation would begin to ease, Ofori-Atta said in an interview.

The parliament has approved a 750 million U.S. dollar bridge-finance facility from Standard Chartered Bank and Standard Bank of South Africa to support some government needs, in lieu of inflows of Eurobond proceeds, he said.

These inflows will support the local cedi currency, which has depreciated more than 8 percent year-to-date, Ofori-Atta said.

"What we are looking for is not only stability but a reversal," he said. "As you know we went through parliament with the bridge-financing, and that has been concluded so the central bank has that facility."

Ultimately, Ofori-Atta said, a 300 million dollar facility procured by the Ghana Cocoa Board and a 3 billion dollar Eurobond to be floated on Tuesday will help stabilize the local currency.

The minister attributed the fall of the local currency against major currencies to such things as the conclusion of Ghana's International Monetary Fund (IMF) program, which has led to some uncertainties.