Minister of Finance, Mr.Ken Ofori Atta has said the exchange rates across the major international currencies depreciated rapidly by the end of the third quarter of 2022 and as at 23rd November, 2022, the Ghana cedi depreciated cumulatively by 54.2 percent against the US Dollar.
He said the Ghana cedi depreciated cumulatively by a 48.5 percent against the British Pound as at 23rd November, 2022.
Presenting 2023 budget statement in the floor of parliament, Mr.Ken Ofori Atta said “the global environment is fragile, and the outlook remains uncertain. Global economic activity in 2022, has slowed down more broadly and sharply than anticipated. Economic growth in Emerging Markets and Developing Economies is expected to slow down from 6.7 percent in 2021 to 3.7 percent in 2022, with a similar pattern expected in 2023. In Sub-Saharan Africa, growth is expected to slow down to 3.6 percent in 2022 and 3.7 percent in 2023, from 4.7 percent in 2021 due to low investment and a worsening trade balance.”
“Overall, global inflation has risen, driven largely by increases in energy and food prices. Inflation in Emerging and Developing Economies has also risen from an average 5.9 percent in 2021 to 9.9 percent in 2022. The war in Ukraine has further heightened inflationary pressures. ”
Source: mybrytfmonline /Kofi Atakora
