The Finance Minister-designate, Dr Cassiel Ato Forson has outlined plans to reduce the country’s currency depreciation rate to 8% in the shortest time possible.
Speaking on Monday, January 13, during his vetting before Parliament’s Appointments Committee, Dr Forson stated, “We intend to reduce depreciation to 8% as quickly as possible.”
He emphasized that achieving this goal would require a comprehensive strategy aimed at stabilizing the economy and restoring confidence in the Ghanaian cedi.
Key measures include strengthening foreign exchange reserves, boosting export revenues, and reducing unnecessary imports.
Dr Forson believes these steps will not only curb depreciation but also improve the broader economic outlook.
He reiterated his commitment to addressing the root causes of currency instability and creating a sustainable economic environment that fosters growth and benefits all Ghanaians.
The Cedi’s annual depreciation has averaged around 23% in recent years, and by the end of 2024, it had lost approximately 20% of its value against the dollar.