The Minister for Finance, Ken Ofori Atta says the Cedi is doing better in its current state than it did under former President John Dramani Mahama in 2014 and 2015.
Ken Ofori Atta said this while announcing measures to deal with the economic challenges facing the country on Thursday, March 24, 2022.
“In spite of it all, the cedi has held under these extreme challenges better than it did in 2014 and 2015. This is because the fundamentals are much stronger,” Mr. Ofori Atta said.
The local currency, the cedi, has been going through some troubles since the beginning of the year. It is currently trading beyond 7 cedis to the dollar. Analysts have predicted it is most likely to cross 8.
Meanwhile, the government has also announced that it will pump an amount of $2 billion into the economy to curb the continuous depreciation of the cedi.
This forms part of measures by President Akufo-Addo to mitigate the hardships being experienced by the populace.
The government held a crunch cabinet meeting last weekend to find solutions to the raging economic challenges – the growing depreciation of the cedi and the recent increments in fuel prices and prices of general goods.
The Jubilee House in a post on Facebook highlighted four measures the government-approved during its cabinet meeting to cushion Ghanaians amidst the economic hardships.
These include; the reopening of the country’s land borders within two weeks, the Government cutting salaries of appointees by up to 30%, the Bank of Ghana increasing policy rate to 17%, and the government pumping $2billion to rescue cedi.