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.
Latest Stories
-
#JustTurned18: First-time voters critical to deciding 2024 presidential election
42 mins -
Video: EC lied that the cost per voter in 2020 was $7.7; it was $12.5 – Bright Simons
47 mins -
Former IGP passes on
56 mins -
Ejisu by-election: Kwadaso MP gave money to EC officials out of goodwill – Ahiagbah
1 hour -
Millennium City: Land owner breaks silence on fatal shooting of soldier
1 hour -
Photos of 2024 Aboakyer Festival
2 hours -
#JustTurned18: I now have an opportunity to use my thumb to bring someone into power – Excited prospective voters
2 hours -
OSP acted as a whistleblower transferring Cecilia Dapaah’s case to EOCO – Sammy Darko
2 hours -
IMF calls for tariff adjustment for energy sector cost recovery
3 hours -
Samson’s Take: Journalists, block the pretentious idiots
4 hours -
Real Madrid crowned LaLiga champions after Barcelona’s defeat at Girona
5 hours -
Daniel Otting Awuah elected SRC President of Ghana School of Law
6 hours -
Lawrence Ati-Zigi signs St. Gallen contract extension
6 hours -
We should be careful not to destroy our institutions without just cause – Serebour Quaicoe
6 hours -
Cecilia Dapaah’s case: EOCO hasn’t requested FBI report – Office of the Special Prosecutor
8 hours