The Finance Minister Ken Ofori-Atta has indicated that the Ghana Cedi has performed better in the first 18 months of the Akufo-Addo-led government than it did in the four years of the erstwhile Mahama government.
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However, Mr Ofori-Atta said the depreciation of the cedi in the first six months of 2018 has been the best since 2012.
“We have seen the cedi come under pressure primarily due to external pressures. In fact, aside from the strong volatility recorded this year, the average performance of the dollar has been one of the best in recent years.”
“Mr Speaker, the performance of the Ghana cedi in the 18 months of the Akufo-Addo government has been impressive if compared to the last six years. These are the facts, the year-on-year depreciation of the Ghana cedi against the US dollar stood at 4.9% in 2017, it was 9.7% in 2016, it was 15.7% in 2015, it was 31.3% in 2014 and 70.5% in 2013.”
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“A further interrogation of data from the Bank of Ghana showed that the depreciation of the first-half, six months of 2018, has been the best since 2012. It is instructive to note that from January 2018 to June 2018, the depreciation of the Ghana cedi against the dollar was 2.4% as against 17.2% in 2012, 3.6% in 2016, 3.7% in 2017.”
After mentioning all these Mr Ofori-Atta argued that the Ghana cedi has performed better than under the NDC government.