US$750 million Afreximbank cash hits BoG accounts

Parliament on 20th July 2022, approved the US$750 million loan agreement between Government and Afreximbank

Wilberforce Asare August 26, 2022

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Asaase News can confirm that this morning, the vaults of Ghana’s central bank were effectively $750 million heavier, as the much anticipated Afreximbank loan facility hit the accounts of the Bank of Ghana (BoG).

With the Ghana cedi enjoying some relative stability this week after the BoG’s latest round of measures, the additional forex should further boost confidence in the local currency.

The 750 million united states dollars financial facility secured by the Government of Ghana from the African Export-Import Bank (Afreximbank), was approved by Parliament on 20 July 2022.

The facility is expected to finance capital and growth-related expenditures in the 2022 Budget. It will also give a big boost to the local currency, by helping to stabilize the cedi, which has been under serious depreciation pressure this month, especially.

With growing concerns over the fate of the cedi, Asaase news followed the progress of the U$750m injection of foreign exchange into the economy. The signing of the credit facility took place on Wednesday 17th August.

The proceeds from the loan would largely be used to finance projects in the roads, energy, railways, and health sectors.

These projects are those outlined in the 2022 Budget Statement and Economic Policy of Government.

Wilberforce Asare

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