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2024 Budget: The Cedi Has Stabilised — Ofori-Atta

Source The Ghana Report

Finance Minister Ken Ofori-Atta says the government has stabilised the Ghana cedi against the US dollar.

The minister made this statement on Wednesday, November 15, while delivering the 2024 Budget in Parliament.

“The Cedi has stabilised against the US dollar since early 2023 with a year-to-date cumulative depreciation of 25.7 per cent compared to 54.1 per cent over the same period in 2022. Specifically, the cedi has only depreciated by 6.4 per cent on a cumulative basis since February 2023 compared to 53.9 per cent over the same period in 2022.”

The minister indicated that in 2022, the country experienced economic hardships but assured that the economy was recovering.

The minister also stated that the stability of the cedi reflects the government’s efforts to revive the economy.

“The stability of the Cedi largely reflects the positive impact of the restoration of economic activity, including robust economic growth, improvement in the current account position, improvement in forex liquidity following IMF ECF inflows, Bank of Ghana’s domestic gold purchase programme, and reduced speculative FX speculative demand as market confidence rebounds.”

According to data from the forex market, the local unit depreciated by 0.41% day-on-day on November 13, 2023.

This means the cedi is now going for ¢12.13 on average to one American greenback in the retail market.

However, the Bank of Ghana is quoting a dollar to ¢11.52 on the interbank market.

 

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