The Cedi has declined about 58% in value against major currencies, since the beginning of 2022, Finance Minister Ken Ofori-Atta has said.
Presenting the 2023 Budget in parliament on Thursday, Mr Ofori-Atta said “the demand for foreign exchange to support our unbridled demand for imports undermines and weakens the value of the cedi. This contributed to the depreciation of the Cedi which has lost about 53.8% of its value since the beginning of this year compared to the average 7% annual depreciation of the Cedi between 2017 and 2021.”
The Finance Minister is currently presenting the 2023 Budget Statement and Economic Policy of the Government to Parliament aimed at restoring and stabilising the macroeconomy.
“The 2023 Budget will focus on government’s strategies to restore and stabilise the macroeconomy, build resilience, and promote inclusive growth and value creation,” the statement from the Finance Ministry said.