We want to reduce Cedi depreciation to 8% in the shortest time – Finance Minister-designate

Dr Cassiel Ato Forson, the Finance Minister-designate, has announced plans to reduce the country’s currency depreciation rate to 8% within the shortest possible time.

He made this statement on Monday, 13 January, during his vetting before the Appointments Committee of Parliament.

“We intend to reduce depreciation to 8% in the shortest time,” Dr Forson said.

He explained that achieving this target would require implementing a comprehensive strategy to stabilise the economy and restore confidence in the local currency.

Dr Forson outlined several measures to address the issue, including enhancing foreign exchange reserves, boosting export revenues, and curbing unnecessary imports.

According to him, these interventions would not only reduce depreciation but also improve the overall economic outlook.

The Finance Minister-designate emphasised his commitment to addressing the root causes of currency instability.

He assured the Committee of his readiness to work with stakeholders to create a sustainable economic environment that promotes growth and benefits all Ghanaians.

The annual rate of depreciation has been around an average of 23%.

At the end of 2024, market data shows it lost about 20% of its value against the dollar.

Source: myjoyonline. com