Ken Ofori-Atta has called on all stakeholders, including parliament, to work collectively and support government to sustain the recent gains of the Cedi against the dollar and other major currencies.

Mr Ofori-Atta said it would be costly for Ghana not to sustain the efforts so far, which has made the Cedi appreciate by more than 40 per cent after a series of depreciation in the last few months. 

The Cedi recorded a 54.2 per cent year-on-year depreciation against the Dollar, its major trading currency at the end of November, to sell GHS15 to US$1, but it’s now selling at around GHS8 against US$1. 

“So far, we have all witnessed the gains of the Cedi over the past week, as well as the attainment of this Staff Level Agreement in near record time. These are results of our collective efforts. We must and we will, collectively recover all,” he said.  

The Finance Minister said on Monday that the launch of the domestic debt exchange programme and reaching a staff-level agreement with the International Monetary Fund (IMF) had contributed to the Cedi’s gain and economic stability. 

He, however, said: “While accommodating the inputs of stakeholders, we must do all we can to sustain the gains of these initiatives keeping in sight the urgency of obtaining IMF Board approval in quarter one (Q1) of 2023.” 

He added: “We cannot afford to lose this essence of forward momentum for our economy as we navigate toward stability, predictability and growth.” 

Mr Ofori-Atta said: “2023 must be our ‘comeback’ year. A year in which we put in place stronger foundations that would allow us to change our country for the better and in a way that is enduring, inclusive and transformational.” 

He noted that in the coming year and beyond, the Government would focus on building Ghana as an entrepreneurial and export driven economy to grow the economy to protect and create jobs, tackle inflation, and strengthen our currency. 

The Minister emphasised that with the efforts of the government, together with all stakeholders, the “importation of food should soon be a thing of the past.”  
He said: “We all have a role to play. And I urge us all to work together with the government and support the various interventions being implemented to kick-start our recovery in a determined, bold and courageous way!” 

He urged Parliament to support the government in getting the Appropriation Bill for the 2023 Fiscal Year passed and the new revenue measures outlined in the 2023 budget, which is aimed at improving revenue mobilisation.