Finance Minister Ken Ofori-Atta has said the Cedi has stabilized against the dollar since early 2023 with a year-to-date, cumulative depreciation of 25.7 percent compared to 54.1 percent over the same period in 2022.
Specifically, he said, the Cedi has only depreciated by 6.4 percent on a cumulative basis since February 2023 compared to 53.9 percent over the same period in 2022.
“The stability of the Cedi largely reflects the positive impact from the restoration of economic activity,” he told Parliament while presenting the 2024 budget statement on Wednesday, November 15.
The Finance Minister further said that the Akufo-Addo administration was determined to maintain discipline in order to keep the economy stable.
He said the government had turned the corner relative to the economic challenges when it successfully completed the first review of the 3-year 3 billion International Monetary Fund External Credit Facility (IMF-ECF) programme.
“We turned the corner when we completed the IMF first review,” he told Parliament while presenting the 2024 budget statement on Wednesday, November 15.
He further assured that the government is poised to “maintain stability and keep growing. and ensure increased growth, currency stability”
“We turned the corner when inflation started declining from 54 1 in December to 35.2 in October 2023, he added.
“The recovery is indeed real and is here to stay,” he further assured.
Mr Ofori-Atta further stated that the prompt deployment of strong fiscal and monetary policy measures since the last year as well as in the first half of 2023 largely accounts for the continued economic recovery that is being experienced.
“So far, growth in 2023 has been more resilient than expected, inflation has declined in line with the fundamentals, the fiscal and external balances have improved, and the exchange rate has stabilised,” he said.