According to the Bank of Ghana (BoG), the value of the native currency, the Cedi, had decreased by around 25.8% in relation to the US dollar as of November 2024.

The central bank reports that the cedi held steady from March and September of this year, before beginning to decline in October and November of the same year.

The cedi’s rate of depreciation against the US dollar in March 2023 was 22.1%. This contrasts with September’s 22.9%.

On the other hand, the rate of depreciation was 25.8% in November 2023 and 25.4% in October 2023.

These were included in the November 2023 Summary of Economic and Financial Data published by the Bank of Ghana.

The Cedi has steadied against the dollar since early 2023, according to recent comments made by Finance Minister Ken Ofori-Atta. The currency has depreciated by 25.7 percent so far this year, compared to 54.1 percent during the same period in 2022.

In particular, he claimed that since February 2023, the Cedi’s total depreciation has only decreased by 6.4 percent, as opposed 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 stated to Parliament on Wednesday, November 15, during the presentation of the 2024 budget statement.

The Finance Minister went on to say that the Akufo-Addo government was committed to upholding discipline in order to preserve economic stability.
After the administration finished the first review of the three-year, $3 billion International Monetary Fund External Credit Facility (IMF-ECF) program, he stated the country had made progress in addressing its economic problems.

“We turned the corner when we completed the IMF first review,” he stated to Parliament on Wednesday, November 15, during the budget statement presentation for 2024.

He further assured that the government is poised to “maintain stability and keep growing.  and ensure increased growth, currency stability”

Source: Marzuuq Issah | Ghana360news.com