{"id":4381,"date":"2024-04-22T06:45:07","date_gmt":"2024-04-22T06:45:07","guid":{"rendered":"https:\/\/sotnews.agency\/?p=4381"},"modified":"2024-04-22T06:45:07","modified_gmt":"2024-04-22T06:45:07","slug":"cedi-records-8-3-depreciation-against-major-currencies-in-2024-finance-minister","status":"publish","type":"post","link":"https:\/\/sotnews.agency\/?p=4381","title":{"rendered":"Cedi records 8.3% depreciation against major currencies in 2024 \u2013 Finance Minister"},"content":{"rendered":"
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\n \t<\/i> Read Time:<\/span>2 Minute, 20 Second <\/div>\n\n <\/div>

The Finance Minister, Dr. Mohammed Amin Adam, has stated that the Ghanaian cedi has stabilised strongly against major trading currencies since January 2024 to date due to prudent measures by the Bank of Ghana (BoG) and the Finance Ministry.<\/strong><\/p>\n

He said the cedi depreciated by 8.3 percent within the first three and a half months of the year. The current rate shows a decline from 21.5 percent, which was recorded within the same period in 2023.<\/p>\n

\u201cThe cedi has also stabilised strongly against major currencies. In fact, year-to-date 2024, the cedi depreciated by just 8.3 percent. This compared with 21.5 percent same time in 2023.<\/p>\n

\u201cThis tells you that our cedi continues to be stronger,\u201d said Dr. Amin Adam while addressing the press at the end of the IMF Spring meeting in Washington, D.C., on Sunday, April 21.<\/p>\n

He attributed the low depreciation of the cedi to strong monetary policies by the BoG, the building of Ghana\u2019s International reserves, and fiscal control measures by the Finance Ministry.<\/p>\n

READ ALSO:<\/strong><\/h6>\n

IMF Bailout: Finance Minister optimistic of next tranche after MOU with creditors is secured<\/a><\/p>\n

\u201cThis is not surprising, it is as a result of the strong monetary policies of the Bank of Ghana and also the building of our gross international reserves, as well as the interventions by the Ministry of Finance on the expenditure side, which saw expenditure controlled,\u201d he said.<\/p>\n

He emphasised that these measures have seen the country\u2019s fiscal situation show positive signs of recovery, indicating that the \u201cprimary deficit by the end of 2022 was 4.3 percent of GDP (gross domestic product),\u201d which was reduced to 0.3 percent of GDP at the end of December 2023.<\/p>\n

Dr. Amin Adam further noted that the government is expecting to end this year with a surplus of 0.5 percent of GDP and a 1.5 percent surplus in 2025.<\/p>\n

IMF Spring meeting: Finance Minister on Ghana’s chances of securing second tranche.#3NewsGH<\/a> pic.twitter.com\/FpYVG36XaA<\/a><\/p>\n

\u2014 #TV3GH (@tv3_ghana) April 21, 2024<\/a><\/p>\n\n

The Finance Minister expressed confidence in the Ghanaian economy, stressing the country is \u201cheading very quickly to stabilisation\u201d and thus these gains must be improved.<\/p>\n

Meanwhile, Dr. Amin Adam disclosed that there are improvements in the public debt, which is about GHC610 billion ($52.4 billion) as of December 2023, according to the BoG.<\/p>\n

\u201cPublic debt trajectory has been improving because debt-to-GDP reduced to 71.4 percent of GDP by the end of 2023 from 73.5 percent of GDP as we saw it by the end of 2022,\u201d he told reporters at the World Bank head office in Washington, D.C.<\/p>\n

The post Cedi records 8.3% depreciation against major currencies in 2024 \u2013 Finance Minister<\/a> first appeared on 3News<\/a>.<\/p>

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The Finance Minister, Dr. Mohammed Amin Adam, has stated that the Ghanaian cedi has stabilised strongly against major trading currencies since January 2024 to date due to prudent measures by… <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"facebook_2277560469115098_106292521332774":"","twitter_aToxNzczMzI3Njk4OTg4ODUxMjAxOw==_1773327698988851200":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[12],"tags":[],"class_list":["post-4381","post","type-post","status-publish","format-standard","hentry","category-business"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/4381","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4381"}],"version-history":[{"count":0,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/4381\/revisions"}],"wp:attachment":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4381"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4381"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4381"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}