May 23, 2024

Cedi Depreciation This Year Slower Than Last Year

Minister of Finance,  Dr. Mohammed Amin Adam, has said the rate at which Ghana’s cedi has depreciated this year is slower compared to last year.

According to the Finance Minister, in spite of the pressure on the local currency, the Cedi’s depreciation year-to-date stands at 12%, significantly lower than the 27% depreciation recorded in the same period last year.

Speaking during day one of the 2024 3i Summit in Accra on Monday, May 13, he reiterated government’s commitment to stabilize the cedi.

“For this reason, Ghana’s economic rebound has been quite swift with economic growth ending the year 2023 at 2.9% against a target of 1.5%. Inflation heading towards the year-end target of 15%, and interest rates declining as well.

“Despite recent pressures on our currency, the cedi’s depreciation year-to-date of 12 percent is far lower than its depreciation of 27 percent in the same period last year,” he said.

He also stressed that government has put in place fiscal measures, disclosing a disbursement of about  $1 billion by development partners to boost Ghana’s economy.

“The government is also implementing measures on the fiscal side including acceleration of disbursement of almost $1 billion by our development partners between now and December this year to support the economy,” he added.

Credit: Republic Press

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