Cedi loses value for about 25.8% against the Dollar – BoG report
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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
ABOUT: Nana Kwesi Coomson
[email protected] An Entrepreneur, Corporate Social Responsibility, Corporate Communications Executive and Philanthropist. Editor-in-Chief of www.233times.com. A Senior Journalist with Ghanaian Chronicle Newspaper. An alumnus of Adisadel College where he read General Arts. His first degree is in Bachelor of Arts - Political Science (major) and History (minor) from the University of Ghana. He holds MSc in Corporate Social Responsibility (CSR) and Energy with Public Relations (PR) from the Robert Gordon University in the United Kingdom. He is a 2018 Mandela Washington Fellow who studied at Clark Atlanta University in USA on the Business and Entrepreneurship track.
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