Ken Ofori-Atta, Finance Minister, says Ghana’s Cedi has stabilized against the Dollar since early 2023 with a year-to-date, cumulative depreciation of 25.7 percent compared to 54.1 percent over the same period in 2022.
He made this statement while delivering the 2024 Annual Budget Statement and Economic Policy in Parliament today, Wednesday, November 15.
According to him, the stability of the Cedi largely reflects the positive impact from the restoration of economic activity.
“The stability of the Cedi largely reflects the positive impact from the restoration of economic activity,” he said.
Ken Ofori Atta also added that the New Patriotic Party (NPP) administration has worked assiduously to recover Ghana’s economy.
He said his government’s deployment of strong fiscal and monetary policy measures since last year as well as in the first half of 2023 largely accounts for the continued economic recovery that is being experienced.
“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,”
“We turned the corner when inflation started declining from 54% in December to 35.2 in October 2023. The recovery is indeed real and is here to stay,” he further assured.
Ghana | Atinkaonline.com | Vivian Adu