Cedi better under Akufo-Addo than Mahama era – Ofori-Atta

Finance Minister Ken Ofori-Atta has said the Ghana cedi performed better in the first 18 months of the Akufo-Addo-led government than it did in the four years of the Mahama government.

The cedi hit a record low in May and June this year touching GHC4.8250 to the dollar.

Presenting the mid-year budget review before parliament on Thursday, 19 July 2018, Mr Ofori-Atta said the depreciation of the cedi in the first six months of 2018 has been the best since 2012.

He said: “We have seen the cedi come under pressure primarily due to external pressures. In fact, aside from the strong volatility recorded this year, the average performance of the dollar has been one of the best in recent years.

“Mr Speaker, the performance of the Ghana cedi in the 18 months of the Akufo-Addo government has been impressive if compared to the last six years. These are the facts, the year-on-year depreciation of the Ghana cedi against the US dollar stood at 4.9% in 2017, it was 9.7% in 2016, it was 15.7% in 2015, it was 31.3% in 2014 and 70.5% in 2013.

“A further interrogation of data from the Bank of Ghana showed that the depreciation of the first-half, six months of 2018, has been the best since 2012. It is instructive to note that from January 2018 to June 2018, the depreciation of the Ghana cedi against the dollar was 2.4% as against 17.2% in 2012, 3.6% in 2016, 3.7% in 2017.

“If this is anything to go by, it means that the 2018 performance of the Ghana cedi is likely to be better than even the 4.9% we experienced in 2017 which was an all-time low compared to the four years of the Mahama administration.”