“The Cedi’s stability has continued into 2024 with a cumulative depreciation of 14.2%” – Finance Minister

The public has been reassured by Finance Minister Mohammed Amin Adam about the cedi’s resiliency in spite of recent patterns of depreciation.

He addressed mounting worries at the Ministry’s monthly economic briefing, highlighting the currency’s significant resilience through 2024.

Minister Adam emphasized that despite some volatility, the cedi’s trend has been largely steady throughout the year.

He claimed that this consistency is a sign of sound fiscal policy and underlying economic fundamentals.

“The Cedi’s stability has continued into 2024 with a cumulative depreciation of 14.2% [from January] as of May 20, compared to 20.7% recorded in the same period in 2023.

“People may see the cedi depreciating fast recently, but if you compare the rate of depreciation this year which has been 14.2% from January to May to that of the same period last year, this year’s rate is better.

“So on that comparative note, we are safe to conclude that the cedi is still strong. It is very strong,” he said on Friday.

But there has been a recent dramatic decrease in the value of the cedi. The local currency was worth between GH₵14.50 and GH₵15 to the US dollar as of May 16.

Both residents and investors have expressed alarm over this devaluation, which has prompted the Ministry to offer reassurance and lay out plans to reduce future volatility.

Despite acknowledging the difficulties, Mr. Adam maintained his optimism, pointing to continuous initiatives to boost the economy and stabilize the currency. He underlined the dedication of the administration to upholding monetary stability and promoting growth in the economy.

Source: Ghanatodayonline.com