Ken Ofori-Atta, the minister of finance, has stated that the anticipated Cocoa Syndication Loan will support the nation's foreign exchange reserves and address the sharp depreciation of the Ghana cedi.

On September 28, 2022, the minister said at a press conference that the $750 Afrexim Bank loan the nation obtained in August is also one of the steps the government is taking to combat depreciation.

He said: "The Ministry successfully worked on a US$750 million Afreximbank loan facility which was granted in August 2022. This was done as part of measures to shore up our reserves, promote exchange rate stability, and meet some of the funding needs.

“The traditional Cocoa Syndication Loan, expected in the last quarter of 2022 which will promote the cocoa sector, will further help us build our FX reserves and provide a strong buffer for the cedi in the last quarter of the year,” he stated.

The Loan is, however, expected to be signed by September 30, 2022.

Meanwhile, the Minister noted that the Ghana cedi has depreciated by about 31.7% against the US dollar as of September 27, 2022.

The cedi is currently selling at GH¢10.50 to a dollar at some forex bureaus in the country.