Finance Minister, Mr. Ken Ofori Atta has said the Ghana cedi has depreciated by 37.1% against the US Dollar as of 27th September 2022, and inflation remains high at 33.9% (August 2022).
He said since 2020, Ghana’s economy has seen considerable economic uncertainty.
Addressing the media at Accra today on the state of the Economy, Mr. Ken Ofori Atta said the priority for Government since the COVID-19 episode and the Russia-Ukraine war has been to address macro stability and welfare challenges that confronted the economy.
He said to have since Q1-2022 cut discretionary expenditures in the budget measures to keep public spending in line with tightening economic conditions including restraints on the purchase of new by 30%.
In addition, he said the Government announced several expenditure vehicles and a moratorium on non-statutory travel.
Mr. Ofori Atta said part of the measures to shore up reserves and improve the exchange rate stability and address some of the funding needs, the Ministry successfully worked on a US$750million Afreximbankloan facility which was received in August 2022.
He said traditional Cocoa Syndication Loan, expected in the last quarter of 2022 which will promote the cocoa sector, will further help build FX reserves and provide a strong buffer for the cedi in the last quarter of the year.
Additionally, the Bank of Ghana has introduced enhanced measures such as a Special Foreign exchange auction for bulk distribution companies and a Gold Purchase Programme to contain the depreciation of the cedi, which is now slowing down.
Source: Mybrytfmonline/Kofi Atakora
