Business News of Wednesday, 22 June 2022
Source: www.ghanaweb.live
2022-06-22We are undertaking adequate measures to tackle cedi depreciation – Ofori-Atta
Finance Minister, Ken Ofori-Atta
Finance Minister summoned before Parliament
Cedi struggles against major trading currencies
Finance Ministry undertaking fiscal consolidation, real sector interventions – Ofori-Atta
Minister of Finance, Ken Ofori-Atta, has given the assurance that government and the Bank of Ghana are keen on measures aimed at addressing the depreciation of the
Read full articleGhana Cedi against major trading currencies.
He explained that the 30 percent cut in public expenditure for 2022 was meant to augment policies by the central bank in order to strengthen the currency and reduce the rate at which the cedi was losing its value against the US dollar, British Pound and the Euro.
Responding to questions posed by the lawmaker for Bongo constituency, Edward Abambire Bawa, the finance minister said the pace of cedi depreciation would slowdown in the coming days as measures being adopted will make impact.
“Speaker, the Bank of Ghana is leading the interventions to contain the depreciation of the Cedi. The Ministry of Finance is complementing this effort through its fiscal consolidation measures and real sector interventions."
“The implementation of the 30 percent cut in expenditures and other expenditure measures approved by Cabinet are all helping to reduce the fiscal deficit and thereby reduce the pressures on the exchange rate,” he added.
The finance minister added that government was undertaking real sector interventions, including the Ghana CARES programme, to support imports substitution of products such as poultry and rice.
This, he believes, would help reduce the foreign exchange pressures from the imports of those products.
Meanwhile, the Bongo lawmaker, Edward Abambire Bawa had filed an urgent question in the House, demanding answers on what the Finance Ministry is doing to slow down the depreciation of the cedi and increase in petroleum product prices at the pumps with respect to imposed taxes and levies on the petroleum products.
MA/FNOQ
View his Timepath below:
