Cedi Depreciation: Slow Down! - Atik Tells Finance Minister

Atik Mohammed has responded to a comment by the Finance Minister regarding Ghana's cedi depreciation against foreign currencies, majorly against the US Dollar.

As of Monday, May 13, one US dollar averages GH¢14.5, according to Joy Business.

But according to the Minister, this year's depreciation of the currency is far better than last year.

Dr. Mohammed Amin Adam highlighted that this year's cedi fall stands at 12%, significantly lower than the 27% depreciation recorded last year.

"...Ghana’s economic rebound has been quite swift with economic growth ending the year 2023 at 2.9% against a target of 1.5%, inflation heading towards the year-end target of 15%, and interest rates declining. Despite recent pressures on our currency, the cedi’s depreciation year-to-date of 12% is far lower than its depreciation of 27% in the same period last year", the Minister said while addressing attendees at the opening ceremony of the 2024 3i Summit in Accra on Monday, May 13.

He added; “As we convene at the 3i Africa Summit in Ghana, it is incumbent on us to acknowledge the remarkable strides that Ghana has made in nurturing a vibrant fintech ecosystem. Ghana’s fintech sector boasts of a diverse array of startups, accelerators and regulatory initiatives, solidifying our position as a front-runner in fintech innovation across the continent."

But Atik Mohammed disagrees with Dr. Amin Adam and has asked him to take it slow on his assertions on the performance of the cedi.

"He must slow down. He says the depreciation this year is better than last year but he should slow down. He should relax", Atik replied in a comment on Peace FM's "Kokrokoo" show.