Finance Minister Blames Minority For Cedi Depreciation

Minister for Finance, Ken Ofori-Atta, has blamed the Minority in Parliament for the sharp depreciation of Ghana’s currency against foreign currencies.

The Ghana cedi has, in 2022, depreciated by about 14.6% to the US dollar, according to data by the Bank of Ghana (BoG).

According to the BoG’s March 2022 Summary of Economic and Financial Data, the local currency lost 0.3% and 9% in value to the US currency in January 2022 and February 2022 respectively.

Briefing the media on the economy, the Finance Minister recounted some factors that have badly impacted the economy and one of which he said is the opposition by the Minority against the government’s 2022 budget, with particular reference to the e-levy.

The Minister expounded that, following the COVID-19 pandemic, the government has been looking at ways to revitalize the economy, hence designing the 2022 budget with the tools to restore Ghana and put the country in better shape.

But, to him, the government’s inability to implement the budget due to the opposition by the Minority has potentially eroded the investors’ confidence and subsequently resulting in the cedi depreciation.

Source: Mynewsghana