So, he said, “it is pretty confusing to see where it is heading.”

In addition, he emphasized that it was normal for people to be searching for dollars in October in order to make Christmas imports. Despite this, the minister stated there was no need to fear.

“Given the support we are receiving from nations like Germany, France, and others, we are optimistic that we will obtain the necessary funding. We therefore sincerely hope that people will not panic or rush to pressurize the currency. We are in terrific shape, and I believe it is needless,” he continued.

According to him, the administration is optimistic that a deal will be struck with the IMF by the end of this year, allowing for the transfer of cash to begin in early 2023.

“Of course, people import for Christmas normally in October, so there may be a rush for that. However, I anticipate that after we also close the fund, that will result in the Fund’s disbursement early in the next year.

According to Bloomberg, the Cedi has recently had the lowest performance when compared to the US Dollar.

Currently, several forex bureaus are dealing the Cedi for between GH13 and GH14 cedis to a dollar. The Ghana Union of Traders Association has been ordering the closure of stores, and the depreciation rate is one of the contributing factors (GUTA).

The group claims that the rapid depreciation of the Cedi is reducing their profits and raising their operating expenses.