Measures implemented to contain cedi depreciation paying off – Government

The government claims that its efforts to stop the ongoing depreciation of the Cedi are beginning to bear fruit.

According to the statement, these steps are intended to halt the Cedi’s fast decline against important trading currencies, particularly the US dollar.

This was announced by Ken Ofori-Atta, minister of finance, during a press conference on September 28.

He claims that the government will keep collaborating with the Bank of Ghana to guarantee that success in this respect is realized.

“The Ministry successfully worked on a US$750 million Afreximbank loan facility that was received in August 2022 as part of measures to strengthen our reserves, enhance exchange rate stability, and handle some of the funding needs.

We will continue to increase our FX reserves and act as a solid buffer for the cedi in the final quarter of the year thanks to the usual cocoa syndication loan, which is anticipated in the last quarter of 2022 and will support the cocoa sector.

Additionally, he continued, “the Bank of Ghana has taken increased measures to manage the depreciation of the cedi, which is presently slowing down, such as a Special Foreign exchange auction for bulk distribution companies and a Gold Purchase Programme.

In addition, Mr. Ofori-Atta stated that despite recent devastating shocks, the economy is showing some signs of growth.

In spite of the numerous shocks we have experienced over the past two years, he said at a press briefing on Wednesday, “Overall, our growth outturn of 3.4% and 4.8% in Q1 and Q2 of 2022, respectively, coupled with modest improvements in our fiscal position, suggests our economy is gradually on the upswing.”

The Finance Minister continued, “These numbers show that despite recent difficulties, there has been economic growth, however modest the benefits thus far may be.”

The Ghanaian Cedi has decreased by 37.1% versus the US dollar as of September 27, according to data supplied by the Finance Ministry.

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