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.
- 2020 revenue target set at GHC67.1bn
- PDS deal cancellation was to protect $3 billion ECG assets — Ofori-Atta
- We’ll reduce losses, improve service quality in energy sector – Ofori-Atta
- Understanding the 9% Communications Service Tax
- Finance Minister declares ‘state of emergency’ in energy sector
- 2019 Mid-year Review: ‘Petrol, mobile tax to go up
- Don’t introduce new taxes – AGI warns ahead of midyear budget review
- Mid-year budget review postponed to July 29
- Ghana is now rising star – IMF
- World Bank projects 7.5% growth of Ghana’s economy
- Interest on loans for 2018 stood at GHC21.1bn – Finance Minister
- Debt crisis looms if Eurobond not invested wisely – IMF report
- Government to reduce import duties soon – President Akuffo Addo
- Is Ken Ofori-Atta Dead?
- Finance Minister Designate, Ken Ofori-Atta, Flown Abroad To Treat Post-COVID-19 Complications
- ‘Ken Ofori-Atta will die in 2021’ – Bishop Salifu Amoako
- Bank of Ghana introduces GH¢100, GH¢200 notes and GH¢2 coin
- We’re planning to ban rice importation by 2022 – MoFA
- Government announces strategic investor for Komenda Sugar Factory
- Government, Wienco rescue rice farmers
- BoG directs banks to publish salaries of top personnel
- Ghana Buffer Stock Company to sustain drive for consumption of local rice
- GSE signs agreement with Singapore Cooperation to transform its operations
- ‘Year of Return’ stimulates Ghana’s economic growth
- German investor to build cocoa processing plant in Suhum Ghana
- Dr Bawumia cuts sod for 30km Sinohydro Cape Coast inner city roads
- Rice importers withdraw ads from media house over local rice campaign
- Ghana to end rice importation in next five years – AGRA
- Govt agrees to increase ports tariffs
- Three auto firms to unveil locally assembled cars in 2020