Finance Minister, Dr Mohammed Amin Adam, says the exchange rate has largely stabilised compared to December, 2022, despite the recent pressures.
Delivering the mid-year budget review in Parliament on Tuesday, July 23, the finance Minister added that the 18.6 percent depreciation rate to the US Dollar as of June 2024, represented an improvement over the 22 percent recorded for the same period last year.
He also added that Gross International Reserves reached 3.1 months of import as at end June 2024 against 2.5 months of imports in the same period last year.
“Exchange rate has largely stabilised, compared to December, 2022, despite the recent pressures. The 18.6 percent depreciation rate to the US Dollar as of June 2024, represents an improvement over the 22.0 percent recorded for the same period last year; and Gross International Reserves reached 3.1 months of import as at end June 2024 against 2.5 months of imports in the same period last year,” he explained.
He went on to say that the rate of economic growth in Ghana is faster than they had anticipated.
He stated that the revised goal of 3.1 percent is exceeded by the 4.7 percent growth rate that the Ghana Statistical Service announced for the first quarter of 2024.
“End-June inflation rate of 22.8 percent, a reduction of 31 percentage points since December, 2022, confirms the target threshold of +/-2 of 15 percent by end 2024 is possible,” he added.
Ghana| Atinkaonline.com | Vivian Adu
