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Wednesday, June 19, 2024

‘Cedi depreciation is a ritual problem’ – Deputy Finance Minister –

A Deputy Minister for Finance, Stephen Amoah has stated that the depreciation of the Ghanaian Cedi against the US dollar is a ritual problem of every administration.

He highlighted the persistent depreciation of the local currency as a deep-rooted issue tied to the country’s import-heavy economy.

Speaking to the media on Wednesday, May 29, 2024, Dr. Amoah emphasized that the demand for the US dollar, driven by high levels of importation, necessitates a national approach to resolving the cedi’s depreciation challenge beyond the capabilities of any single administration.

Dr. Amoah assured the public that if Vice President Dr. Mahamudu Bawumia is elected president, he will spearhead the development of a comprehensive, long-term strategy to stabilize the cedi.

“Cedi depreciation is a ritual problem. It’s not the fault of one particular government… It’s an issue that requires nationalistic attention.

“As long as we continue to be an importer-driven economy, we’ll face challenges with the cedi. However, Inshallah, Alhaji Dr. Mahamudu Bawumia will create a sustainable framework to address this issue if he comes into office next year,” he said.

The Interbank forex rates from the Bank of Ghana as of May 29, 2024, showed that the Ghana Cedi was trading against the dollar at a buying price of 14.0080 and a selling price of 14.0220.

At a forex bureau in Accra, the dollar is being bought at a rate of 14.80 and sold at 15.00.

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