Ghana Cedi has lost 53.8% of its value in 2022-Finance Minister

According to Finance Minister Ken Ofori-Atta, the Cedi’s value versus international currencies has decreased by around 58% since the start of 2022.

The 2023 Budget was presented to the parliament on Thursday by Mr. Ofori-Atta “the demand for foreign exchange to support our unbridled demand for imports undermines and weakens the value of the cedi. This contributed to the depreciation of the Cedi which has lost about 53.8% of its value since the beginning of this year compared to the average 7% annual depreciation of the Cedi between 2017 and 2021.”

The Finance Minister presenting the 2023 Budget Statement and Economic Policy of the Government to Parliament aimed at restoring and stabilising the macroeconomy.

“The 2023 Budget will focus on government’s strategies to restore and stabilise the macroeconomy, build resilience, and promote inclusive growth and value creation,”Mr Ofori-Atta stated.

According to the Finance Minister’s statement before parliament on Thursday, the devaluation of the cedi since the start of 2022 has raised Ghana’s debt stock by GHc93 billion this year alone.

He claims that although individuals and households are affected, the Ministry is also faced with difficulties in managing Ghana’s debt as a result of the rapid depreciation of the Cedi.

“Even as the State struggles to raise sufficient revenues, high inflation rates continue to eat away the already meagre wages of the average Ghanaian” Mr Ofori-Atta stated.

Meanwhile, he said that the government is even more motivated to permanently restructure and rebuild Ghana’s economy and increase resilience as a result of the relapse in macroeconomic stability.

The 2023 Budget Statement and Economic Policy of the Government, which aims to revive and stabilize the macroeconomy, was presented to Parliament by the Finance Minister.

According to a statement from the Finance Ministry, the government’s initiatives to rebuild and stabilize the macroeconomy, foster inclusive growth, and encourage value creation would be the main emphasis of the 2023 Budget.

Source: Ghanatodayonline.com/Louis Gyamerah