Exchange rate has largely been stabilised - Finance minister

Despite the free fall of the local currency against major trading currencies, especially the US Dollar, the Minister of Finance, Dr. Mohammed Amin Adam, has asserted that the exchange rate has been largely stabilised compared to what was recorded in December 2022.

Speaking on the floor of Parliament during the 2024 mid-year budget presentation, Dr. Amin Adam said the 18.6% depreciation of the Cedi to the US Dollar as of June 2024 represents an improvement over the 22% recorded for the same period last year.

He opined that the economy was rebounding stronger than expected.

Dr. Amin Adam stressed that the policies put in place by the government were yielding results.

"Exchange rate has largely stabilised compared to December 2022 despite the recent pressures. The 18.6% depreciation rate to the US Dollar as of June 2024 represents an improvement over the 22% recorded for the same period last year," he said.

"...Mr. Speaker, it is evident that we are on the right trajectory, the economy rebounding stronger than anticipated. The choices we made and the policies we are implementing are yielding results," the finance minister added.

However, the Cedi is selling at GH¢15.75 to $1 at various forex bureaus.

The budget presentation is in accordance with Article 179 of the 1992 Constitution and Section 21 of the Public Financial Management Act, 2016 (Act 921).

SA/NOQ