The former deputy governor of the Central Bank said although the COVID-19 pandemic has affected economies all over the world the Akufo-Addo government has ensured a low inflation rate thereby impacting the strength of the cedi positively.
“In four years, we have stabilised the economy. Prior to the coronavirus pandemic, which has impacted all economies in the world, we have reduced inflation, and inflation continues to fall. We have doubled economic growth in the first three years, we reduced the exchange rate depreciation. The exchange rate depreciation has been relatively stable. Ghana has recorded the lowest rate of depreciation [of the cedi] in the last 28 years in 2020.
“Notwithstanding COVID and its implications and notwithstanding that this is an election year, Ghana in 2020 has seen the lowest depreciation since 1992,” he noted.
According to him, “the average depreciation of the cedi over the last four years, which is at 7.3% is the lowest for any first-term government since 1992. We significantly reduced the deficit.”
He was speaking at the Nation Building Updates on Thursday, November 26, 2020.
The Nation Building Updates is a weekly event organised by the Ministry of Information to provide updates on key government projects undertaken by the government.