By Jeremiah Nutsugah
Finance Minister Dr. Mohammed Amin Adam has announced that the exchange rate has largely stabilized compared to December 2022, despite recent pressures.
Speaking at the Mid-year budget review on July 23, 2024, Dr. Adam explained that the 18.6% depreciation rate against the US Dollar as of June 2024 represents an improvement over the 22% recorded for the same period last year.
He also noted that the Gross International Reserves reached 3.1 months of import cover as of June 2024, up from 2.5 months in the same period last year.
Dr. Adam stated, “The exchange rate has largely stabilized compared to December 2022, despite recent pressures. The 18.6% depreciation rate against the US Dollar as of June 2024 is an improvement over the 22% recorded for the same period last year.
Additionally, our Gross International Reserves have increased to 3.1 months of import cover as of end-June 2024, up from 2.5 months in the same period last year.”
The Finance Minister also expressed optimism about Ghana’s economic growth, noting that the 4.7% growth rate reported by the Ghana Statistical Service for the first quarter of 2024 exceeds the revised target of 3.1%.
He further highlighted that inflation is declining, indicating a positive trend for the economy.