Finance Minister Ken Ofori-Atta says the Ghana cedi depreciated by 53.8% in value against major currencies, since the beginning of 2022.
Presenting the 2023 budget, the Minister said, “the demand for foreign exchange to support our unbridled demand for imports undermines and weakens the value of the cedi. This contributed to the depreciation of the Cedi which has lost about 53.8% of its value since the beginning of this year compared to the average 7% annual depreciation of the Cedi between 2017 and 2021.”
He assured Ghanaians that “The 2023 Budget will focus on government’s strategies to restore and stabilise the macroeconomy, build resilience, and promote inclusive growth and value creation.”
Mr. Ofori-Atta stated that the government will cut imports of public sector institutions that rely on imports for inputs or consumption by 50% and will work with the Ghana Audit Service and the Internal Audit Agency to ensure compliance, among other things, to boost local productive capacity.
To promote exports, he stated that the government will, among other things, increase productive capacity in the real sector of the economy and actively encourage the consumption of locally produced rice, poultry, vegetable oil and fruit juices, ceramic tiles, and so on.
To pursue efficiency in government expenditures, he stated that the government will, among other things, implement Government directives on expenditure measures.