{"id":6070,"date":"2024-05-24T14:53:58","date_gmt":"2024-05-24T14:53:58","guid":{"rendered":"https:\/\/www.fishfmonline.com\/?p=6070"},"modified":"2024-05-24T14:54:00","modified_gmt":"2024-05-24T14:54:00","slug":"cedis-stability-is-expected-to-improve-finance-minister-assures","status":"publish","type":"post","link":"https:\/\/www.fishfmonline.com\/?p=6070","title":{"rendered":"Cedi\u2019s stability is expected to improve \u2013 Finance Minister assures"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong>The Minister of Finance Dr Mohammed Amin Adam has assured that the Cedi\u2019s stability is expected to be strengthened in the medium term after the completion of the domestic debt exchange programme.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">He also stated that local currency is expected to gain as the managers of the economy make more progress on fiscal consolidation, and improve on the reserves over the medium-term.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Dr Amin Adam said these while speaking at his monthly briefing on the economy in Accra on Friday, May 24.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<div class=\"ose-youtube ose-uid-9d1be313e3403af1c84f23ce7f478b33 ose-embedpress-responsive\" style=\"width:400px; height:400px; max-height:400px; max-width:100%; display:inline-block;\" data-embed-type=\"Youtube\"><iframe loading=\"lazy\" allowFullScreen=\"true\" width=\"400\" height=\"400\" src=\"https:\/\/www.youtube.com\/embed\/ftk6DbgeMNo?feature=oembed&color=red&rel=0&controls=1&start=&end=&fs=0&iv_load_policy=0&autoplay=0&mute=0&modestbranding=0&cc_load_policy=1&playsinline=1\" frameborder=\"0\" allow=\"accelerometer; encrypted-media;accelerometer;autoplay;clipboard-write;gyroscope;picture-in-picture clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen referrerpolicy=\"origin\"><\/iframe><\/div>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cBut for recent pressures, we are seeing on exchange rate movements, the exchange rate has been largely stabilised with the depreciation of the cedi against the US Dollar halving from 54.2% at the end of Nov 2022 to 27.8% at the end of Dec 2023.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cThe Cedi\u2019s stability has continued into 2024, with a cumulative depreciation of 14.2% as of 20th May 2024, compared to 20.7% recorded in the same period in 2023. We expect the cedi\u2019s stability to improve into the medium-term as we complete debt restructuring, make more progress on fiscal consolidation, and improve our reserves over the medium-term.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cThe recent pressures we are observing on the cedi is largely on the back of the strengthening of the US Dollar against major trading currencies, seasonal forex demand including elevated demand from corporate institutions, payment to contractors and to IPPs, high Cedi liquidity and speculation.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Minister of Finance Dr Mohammed Amin Adam has assured that the Cedi\u2019s stability is expected to be strengthened in the medium term after the completion of the domestic debt exchange programme. He also stated that local currency is expected to gain as the managers of the economy make more progress on fiscal consolidation, and [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":6071,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[41],"tags":[1682,887],"class_list":["post-6070","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general-news","tag-amin-adam","tag-finance-minister"],"_links":{"self":[{"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/6070","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6070"}],"version-history":[{"count":1,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/6070\/revisions"}],"predecessor-version":[{"id":6072,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/6070\/revisions\/6072"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/media\/6071"}],"wp:attachment":[{"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6070"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6070"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6070"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}