• About
  • Advertise
  • Privacy Policy
  • Contact
Tuesday, July 15, 2025
  • Login
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
No Result
View All Result

Cedi Falls In Value By 53.8% – ken Ofori – Atta

November 25, 2022
Stephen M.Cby Stephen M.C
in Finance
0
Cedi Falls In Value By 53.8% As Gov’t Adds GH¢93billion Debt In 2022

The Finance Minister, Ken Ofori-Atta

The Finance Minister, Ken Ofori-Atta has indicated that, the Ghanaian currency has fallen in value by 53.8% against major international currencies like the US dollar and Euros, since the beginning of 2022.

Mr. Ken Ofori-Atta blamed the demand for foreign exchange as one of the reasons for the decline in value of the Ghana cedi.

“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.” 

Mr. Ken Ofori Attah

According to Ken Ofori-Attah, the Central Bank of Ghana will continue to monitor the average increase in the price level of goods and services, and as well come up with strategies and developments to respond appropriately to contain price pressures.

RelatedPosts

BoG Surrenders to CryptoCurrency Reality

Banking Sector Shakeup: Five Ghanaian Banks Under Intense BoG Scrutiny Over Capital Failures

BoG Stress Test Uncovers Banks’ Credit Vulnerability Amid Strong Liquidity Defences

The Monetary Policy Committee will work best in coming up with monetary policy rate that will help curb the issues relating to Inflationary pressures.

The Finance Minister also elaborated on the fact that, the external sector performance in the outlook will depend largely on the quick resolution of the Russia–Ukraine war and the outcome of recession fears in advanced economies.

The thrust of the external sector will focus on rebuilding external buffers enough to cover at least three and half months of imports of goods and services to cushion the economy against adverse external shocks. This will be underpinned by, among others, bilateral support, and strong remittance inflows, Mr. Ken Ofori Atta added.

Cedi Falls In Value By 53.8% As Gov’t Adds GH¢93billion Debt In 2022
The Finance Minister, Ken Ofori-Atta

SIGNIFICANT INCREASE IN GHANA’S PUBLIC DEBT

According to the finance minister, there has been a drastic increase in debt stock of Ghana to GH¢93 billion this year alone due to the fall in value of the Ghana cedi.

“Mr. Speaker, provisional debt data as at the end of September 2022 shows a significant increase in Ghana’s public debt largely due to exogenous factors. The end–September 2022 provisional figures indicate that total gross public debt stood at GH¢467,371.31 million (US$48,871.34 million), representing approximately 75.9 percent of GDP.”

Ken Ofori-Atta, Minister Of Finance

Ken Ofori Atta explained that, the domestic debt component is GH¢195,657.60 million, which is 31.79 percent of GDP, whilst external debt is GH¢271,713.71 million, representing 44.15 percent of GDP.

The increase in the domestic debt is largely on account of rising interest costs. Domestic debt as a share of total public debt reduced from 51.6 percent in 2021 to 41.9 percent as at end of September 2022, he added.

“Mr. Speaker, the external debt as a percentage of the total debt stock is 58.1 percent as at end of September 2022. The sharp growth in the external debt stock is largely driven by the depreciation of the local currency. The depreciation of the Ghana cedi added GH¢93,855.15 million to the external debt stock.”

Ken Ofori-Atta, Minister Of Finance

READ ALSO : Ghana Cares Obaatanpa Program to Boost Export Capacity of the Country- Finance Minister

Tags: cedi depreciationDebtGross Domsestic ProductKen fori Attah
Please login to join discussion
Previous Post

Finance Minister Blames Economic Challenges On “Political Disagreement” Over Revenue Measures

Next Post

Gov’t Not Satisfied With Results Of The Fight Against Galamsey – Benito Owusu-Bio

Sign up for The Vaultz analytic wire

Get weekly news analysis from top editors at The Vaultz and stay informed on trending economic and business issues from across the globe.

Related Posts

President John Dramani Mahama
General News

Mahama Commits to Developing the Western North Region

July 15, 2025
Hon. Sammy Awuku, Fuel, Appointees
General News

Minority Labels Mahama’s Fuel Cut Directive a PR Gimmick

July 15, 2025
Burna Boy Worried Over Small Crowd at Wireless Festival
Entertainment

Burna Boy Retracts Afrobeats Comments

July 15, 2025
EU Launches Preparedness Union Strategy
Europe

Individuals, Entities Sanctioned For Destabilising Moldova’s Democracy

July 15, 2025
UK Ends Secret Afghan Relocation Scheme
UK

UK Ends Secret Afghan Relocation Scheme

July 15, 2025
COPEC Lauds Mahama for Ending Appointee Fuel Perks—Calls It ‘Forward-Thinking!’
Extractives/Energy

COPEC Lauds Mahama for Ending Appointee Fuel Perks—Calls It ‘Forward-Thinking!’

July 15, 2025
President John Dramani Mahama
General News

Mahama Commits to Developing the Western North Region

by Evans Junior OwuJuly 15, 2025
Hon. Sammy Awuku, Fuel, Appointees
General News

Minority Labels Mahama’s Fuel Cut Directive a PR Gimmick

by Silas Kafui AssemJuly 15, 2025
Burna Boy Worried Over Small Crowd at Wireless Festival
Entertainment

Burna Boy Retracts Afrobeats Comments

by Esther Korantemaa OffeiJuly 15, 2025
EU Launches Preparedness Union Strategy
Europe

Individuals, Entities Sanctioned For Destabilising Moldova’s Democracy

by Comfort AmpomaaJuly 15, 2025
UK Ends Secret Afghan Relocation Scheme
UK

UK Ends Secret Afghan Relocation Scheme

by Lawrence AnkutseJuly 15, 2025
COPEC Lauds Mahama for Ending Appointee Fuel Perks—Calls It ‘Forward-Thinking!’
Extractives/Energy

COPEC Lauds Mahama for Ending Appointee Fuel Perks—Calls It ‘Forward-Thinking!’

by Stephen M.CJuly 15, 2025
President John Dramani Mahama
Hon. Sammy Awuku, Fuel, Appointees
Burna Boy Worried Over Small Crowd at Wireless Festival
EU Launches Preparedness Union Strategy
UK Ends Secret Afghan Relocation Scheme
COPEC Lauds Mahama for Ending Appointee Fuel Perks—Calls It ‘Forward-Thinking!’
[/vc_row_inner]

Recent News

  • Mahama Commits to Developing the Western North Region
  • Minority Labels Mahama’s Fuel Cut Directive a PR Gimmick
  • Burna Boy Retracts Afrobeats Comments
  • Individuals, Entities Sanctioned For Destabilising Moldova’s Democracy
  • UK Ends Secret Afghan Relocation Scheme
The Vaultz News

Copyright © 2021 The Vaultz News. All rights reserved.

Navigate Site

  • About
  • Advertise
  • Privacy Policy
  • Contact

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2D
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships

Copyright © 2021 The Vaultz News. All rights reserved.