Source: newsthemegh.com
The Ministry of Finance has brought attention to the Ghanaian Cedi’s consistent stability compared to major currencies since 2023 in a recent announcement.
This encouraging news was announced by Finance Minister Dr. Mohammed Amin Adam on Tuesday, March 26, 2024, during the Ministry’s monthly briefing in Accra.
Dr. Adam gave energizing data that showed the Cedi’s performance had significantly improved.
He said that the Cedi only lost 9.1% of its value versus the US dollar between February and December of 2023, which is a significant improvement over the 29.8% loss that was seen during the same period in 2022.
The Minister of Finance stressed that this excellent cut demonstrated the extraordinary stability that was attained in the second half of 2023 and continued into 2024.
Comparing the Cedi’s cumulative depreciation versus the US dollar as of March 20, 2024, it was only 6.8%, as opposed to the 22.1% reported over the same period in 2023.
Dr. Amin Adam emphasized the continuous pressure on the Cedi despite recent exchange rate swings that have been ascribed to the US Dollar’s strengthening position against major currencies. Delays in the payment of the World Bank DPO1 and the second tranche of the cocoa loan, as well as payments for the corporate and energy sectors, are some of the factors causing these discrepancies.
Dr. Adam expressed optimism about future payments from international partners like the World Bank, the African Development Bank, and the IMF despite these difficulties.
To further stabilize the currency, he plans to distribute a total of USD 1.2 billion before the year ends.
To sum up, the Finance Minister urged the Bank of Ghana to continue its interventions in order to maintain the stability of the Cedi in the face of changing external pressures and shifting economic conditions.