In a bid to allay growing concerns over the recent depreciation of the cedi, Finance Minister Mohammed Amin Adam has reaffirmed the currency’s stability and resilience. Addressing the public during the Ministry’s monthly economic update, Minister Adam emphasized the cedi’s considerable stability throughout 2024, despite experiencing fluctuations. Apexnewsgh reports
According to the Minister, the cedi has maintained a relatively stable trajectory over the year, with a cumulative depreciation of 14.2% from January to May 20, compared to 20.7% recorded in the same period in 2023. He noted that while the cedi may have depreciated recently, the rate of depreciation this year is better compared to the same period last year, indicating the currency’s strength.
Despite the cedi’s recent sharp decline, trading between GH₵14.50 and GH₵15 to the dollar as of May 16, Minister Adam remains optimistic about the economy’s underlying fundamentals and effective fiscal policies. He acknowledged the challenges but assured the public of the government’s commitment to maintaining monetary stability and fostering economic growth.
The Ministry has outlined measures to mitigate further volatility, and Minister Adam reassured citizens and investors that the cedi is strong and resilient. He emphasized the government’s efforts to strengthen the economy and stabilize the currency, ensuring a positive outlook for the country’s economic future.
Source: Apexnewsgh.com
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