Cedi loses value for about 25.8% against the Dollar – BoG report

• Posted on November 27, 2023November 27, 2023
• by Nana Kwesi Coomson
• Comment

The Bank of Ghana (BoG) has said that as of November  2024 the local currency, the Cedi had lost about 25.8% in value against the US Dollar.

The cedi, according to the central bank, remained relatively stable between March  and September this year until instated dropping in October 2023 and November 2023.

In March 2023, the rate of depreciation of the cedi to the American greenback was 22.1%. This is compared with 22.9% in September.

However, in October 2023 and November 2023, the rate of depreciation was 25.4% and 25.8% respectively.

These were contained in the Bank of Ghana’s November 2023 Summary of Economic and Financial Data.

Recently, the Finance Minister Ken Ofori-Atta also  indicated that the Cedi 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”

-3news