Cedi depreciation declines following strong macro-economic fundamentals - Ofori-Atta

The strong macro-economic fundamentals posted by the economy has resulted in a significant decline in the rate of depreciation of the cedi.

"The annual depreciation of the cedi to the US dollar between 2017 and 2019 has been the slowest since 2012."

Mr Ken Ofori-Atta, Minister of Finance, said this when he presented the 2020 Budget Statement on Tuesday.

"Before we assumed office, the cedi depreciated by an annual average of 17.7% from 2013 to 2016. Since 2017, the cedi has depreciated by an average of 7.8%, the Minister said.

Mr Ofori-Atta said the weak fundamentals of the economy, caused the NDC government to seek a bailout from the IMF in 2015.

"Ghana successfully exited the IMF program, when the fundamentals got strengthened under our competent economic management," he said.

The Minister observed that the strength of Ghana's fundamentals was confirmed on March 16, 2019, by Standard and Poor's(S and P) Global, which confirmed Ghana's sovereign rating as B with a stable outlook, after upgrading Ghana's sovereign credit rating from B- to B, with a stable outlook last year.

He said the upgrade was the first by S and P for Ghana in ten Years.