Reporting by Najat Adam
Dr. Cassiel Ato Baah Forson, the country’s finance minister, has said the government is committed to preserving the value of the Cedi against other currencies. During the Parliament’s Energy Sector Levy Amendment Bill debate, he hinted that the Ghanaian Cedi will remain stable against major foreign currencies because the government is taking necessary steps to support the Cedi.
One significant change introduced to strengthen the cedi is that the foreign exchange from the sale of gold through the Ghana Gold Board will be sent to the Bank of Ghana to increase reserves.
“For the first month alone, the Gold Board bought 11.4 tonnes of gold worth $1.2 billion. This money is already with the central bank and will help make the Cedi stronger,” Dr. Forson stated in Parliament. “We want Ghanaians to be happy. Prices of goods are coming down. Inflation is falling. The Ghana Cedi is doing well, and this trend will continue.” He continued.
Additionally, Dr. Forson denied assertions that the stable exchange rate is solely due to the government’s reduction in spending.
The Finance Minister pledged that the National Democratic Congress (NDC)- led administration would continue to work hard to stabilise the economy and enhance the quality of life for its constituents.
