Measures Implemented To Contain Cedi Depreciation Paying Off – Government

Government says its measures aimed at curtailing the continuous depreciation of the Cedi are paying off.

It said these measures are aimed at stopping the free fall of the Cedi against major trading currencies, especially the US dollar.

Minister of Finance, Ken Ofori-Atta made this known at a press conference on Wednesday, September 28.

According to him, the government will continue to work with the Bank of Ghana to ensure success is achieved in this regard.

“As part of measures to shore up our reserves, improve exchange rate stability and address some of the funding needs, the Ministry successfully worked on a US$750 million Afreximbank loan facility which was received in August 2022.

The traditional Cocoa Syndication Loan, expected in the last quarter of 2022 which will promote the cocoa sector, will further help us build our 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,” he added.

Mr Ofori-Atta also said the economy is recording some marginal growth despite recent ravaging shocks.

“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 despite the numerous shocks we have faced over the past two years,” he said at a press briefing on Wednesday.

“These figures demonstrate that in spite of recent challenges, there has been economic growth, modest as the gains so far may be,” the Finance Minister added.

The Finance Ministry released a data which showed that the Ghanaian Cedi has depreciated by 37.1% against the US dollar as of September 27.