Cedi Depreciation: Ofori-Atta Laments Fall Of Local Currency Has Become An Albatross On Neck Of Ghanaians

• Ken Ofori-Atta has made a surprise admission about the rapid fall of the cedi against the dollar
• The finance minister has said he is well aware of the destructive effect the depreciation is having on living conditions and businesses
• Speaking to members of the Ghana Association of Industries, Ofori-Atta said there is a strong plan in place to hold the depreciation

Finance minister Ken Ofori-Atta has admitted that the fall of the cedi against the dollar is having a debilitating effect on businesses and cost of living.

Speaking to members of the Association of Ghana Industries (AGI) recently, the minister said he is well aware of the impact the cedi fall is having on the economy, but gave the assurance that things will soon get better.

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“As the Minister of Finance, no one needs to tell me the ravages of the cedi depreciation which has become an albatross on the neck of our local industries and the high cost of living for all citizens,” he said.

The finance minister, who is being threatened with a vote of censure in Parliament for plunging the country into the worst economic crisis, explained that the dollar is beating not only the cedi but even major currencies.

He said the British Pound Sterling, the Yen, and the Euro have all depreciated against the dollar in the last couple of months.

He also urged the AGI to ramp up their production capacity to meet the demands of the local market because “we cannot continue to be a nation of importers.”

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Ken Ofori-Atta said speculation was worsening the cedi's depreciation against the dollar.

He, however, said the government was working with the Bank of Ghana to deal with the factors contributing to the depreciation of the local currency.

Cedi Depreciation: Local Currency Still World's Worst Performing Currency, Nigeria Naira Joins League

Meanwhile, YEN.com.gh has reported in a separate story that the Ghana cedi has maintained its position as the world's worst-performing currency after losing 55 per cent of its value.

But the Ghana cedi is not alone in this forex quagmire.

The Nigerian naira has also been ranked among the worst-performing currencies after losing 37% of its value to the dollar.

The naira has now become the second worst-performing currency in the world, according to Bloomberg.

The cedi, despite a strong showing last week, has depreciated in value and is now trading at over GH₵14 to the dollar at forex bureaus across the Ghanaian capital.

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Source: YEN.com.gh