Finance Minister Ken Ofori-Atta has assured that the Ghanaian Cedi is poised to withstand exchange rate shocks and will maintain its strength in the coming year.
According to Mr. Ofori-Atta, the exchange rate is anticipated to remain steady, and that there won't be any significant depreciation of the local currency.
During the presentation of the 2024 Budget statement and economic policy of the government, the minister emphasised that the Cedi's robustness will be supported by the IMF Supported Programme and anticipated inflows from the cocoa syndication loan.
However, Ken Ofori-Atta acknowledged that only geopolitical tensions and volatility in commodity markets could pose a challenge to this optimistic outlook.
“In the outlook, the external sector’s performance will largely depend on the conclusion of negotiations with the country’s external creditors. Also, the Bank of Ghana’s policy thrust will remain focused on increasing external buffers through sustainable means.”
“The exchange rate is expected to remain stable supported by continued progress with the implementation of the IMFSupported Programme, expected inflows from the cocoa syndication loan, the second tranche of the IMF loan, mining inflows, and the BoG’s continuation of the Gold-for-Oil Programme.
“The he main risks to the external outlook include increasing uncertainty about geopolitical tensions and volatility in commodity prices.”
Latest Stories
-
Dialysis crisis: NHIA to introduce scheme to subsidise dialysis cost
14 mins -
Pack your equipment and leave immediately – Upper East REGSEC to illegal miners
32 mins -
Ghana’s fundamentals are weak – Lecturer explains cedi depreciation
44 mins -
Praise for the President: What the Chief Justice actually said (verbatim)
1 hour -
Cedi free-fall is a disaster for us – Food and Beverages Association
1 hour -
Atlantic Lithium celebrates listing on Ghana Stock Exchange
2 hours -
2026 WCQ: Libyan Ahmed Abdulrazak to referee Ghana’s clash against the Central African Republic
2 hours -
See colourful 25th-anniversary ceremony of Otumfuo Osei Tutu II
2 hours -
2026 WCQ: Egypt’s Amin Omar to officiate Ghana’s game against Mali in Bamako
2 hours -
WAFU B U17 Cup of Nations: Laryea Kingston announces Black Starlets final squad
2 hours -
One-year-old Ghanaian becomes Guinness World Records’ youngest male artist
3 hours -
EC dismisses NDC’s claim of obtaining BVR serial numbers
3 hours -
Fuel prices to ease from May 16, 2024 – IES
3 hours -
Man found dead in bush at Bibiani Anhwiaso Bekwai
3 hours -
8 critical ways to fix your broken marriage after your wife’s affair
3 hours