Finance Minister Ken Ofori-Atta has indicated that the Cedi has stabilised against the US dollar since early 2023, with a year-to-date cumulative depreciation of 25.7 percent compared to 54.1 percent over the same economic period in 2022.
Mr. Ofori-Atta emphatically stated that the Cedi is doing well against the major currency, the dollar, but has only depreciated by 6.4 percent on a cumulative basis since February 2023, compared to 53.9 percent over the same period in 2022.
Mr Ken Ofori-Atta during the 2024 budget presentation on the floor of Parliament on 15th November, 2023 said, “The stability of the Cedi largely reflects the positive impact from the restoration of economic activity,”
Mr Ofori-Atta added that President Akufo-Addo/Dr Bawumia led administration was in the determination to maintain the level of discipline in ensuring economic recovery.
Mr Ofori-Atta stressed that the government had turned the corner on the verge of addressing economic challenges in the country when the government successfully finished the first review of the 3-year 3 billion International Monetary Fund External Credit Facility (IMF-ECF) programme.
“We turned the corner when we completed the IMF first review,” he reiterated
Mr Ofori-Atta reassured Ghanaians that the governing NPP government is readily ready to “maintain stability and keep growing. and ensure increased growth, currency stability”
“We turned the corner when inflation started declining from 54 1 in December to 35.2 in October 2023, he stated.
“The recovery is indeed real and is here to stay,” he further assured.
He detailed that the quick deployment of strong fiscal and monetary policy steps taken to resolve the economy since the last year as well as in the first half of 2023 hugely accounts for the steady economic recovery that is being witnessed.
“So far, growth in 2023 has been more resilient than expected, inflation has declined in line with the fundamentals, the fiscal and external balances have improved, and the exchange rate has stabilised,” he said.
By Lawrence Odoom