Ghana cedi depreciates over 53% – Governor

The Governor of the Bank of Ghana, Dr Ernest Addison says inflation has risen to over 40 per cent, whilst the Ghana cedi has depreciated by over 53 per cent on a year-to-date basis.

Dr Addison was speaking during a courtesy call on him by Madam Virginia Palmer, the US Ambassador to Ghana.

Dr. Addison assured the Ambassador that the raft of measures introduced by the Bank and the impending International Monetary Fund programme would help restore macroeconomic stability in the medium term.

He provided an overview of Ghana’s current economic situation and said that inflation had risen to over 40 per cent, whilst the Ghana Cedi had depreciated by over 53 per cent on a year-to-date basis.

He expressed optimism that the 2023 Budget had taken the initial step to reset fiscal policy on a consolidation path, and the smooth implementation will ease debt sustainability concerns. 

Madam Palmer expressed her gratitude to the Governor and Management of the Bank and commended them for the key role they have played in ensuring that the banking sector remains sound and safe, despite the economic challenges.

She also pledged her office’s support to Ghana as steps were taken to overcome the current economic challenges, emphasising on the need to use the opportunity to push through major economic reforms to permanently resolve the current economic challenges.

The Ambassador was accompanied by the Economic Section Chief of the US Embassy, Ms. Stephanie Hutchison.

In the Governor’s team were the First and Second Deputy Governors, the Directors of Research, Financial Markets, and the Bank’s Secretary.

Source: GNA