Cedi Stable Against Major Currencies – Ofori-Atta
The Finance Minister, Ken Ofori-Atta, says the cedi has been relatively stable against major trading currencies this year.
He said this when he presented the 2021 mid-year budget review in Parliament on Thursday, July 29, 2021.
“The cedi has been relatively stable in the past four years and maintained its stability even in this pandemic year. For the first time in the Fourth Republic, the exchange rate did not see a spike after an election year,” he said.
The depreciation of the cedi against major trading currencies, especially the dollar, has over the years dominated public discourse.
The local currency had remained fairly stable in the first two quarters of 2021, experiencing a depreciation of less than one percent against the US Dollar between January and June.
Fundamentally, the structure of Ghana’s economy, which is largely import-driven, has been largely blamed for the periodic struggles of the local currency against other currencies.