Ghana’s debt stock has increased by GHC93 billion this year alone due to depreciation of the cedi, Finance Minister Ken Ofori-Atta has said.
The cedi recently lost at least 52% to the dollar this year making it one of the worst performing of 148 currencies tracked by Bloomberg.
Presenting the 2023 Budget and Economic Statement in Parliament on Thursday (24 November), Ofori-Atta said the government is determined to fix the depreciation of the cedi to lessen the impact on the economy.
“It is not only the individuals and households who are adversely affected by the depreciation of the cedi,” Ofori-Atta said. “For us at the Ministry of Finance, the depreciation of the cedi seriously affects our ability to effectively manage our debt.”
“Indeed, our stock of debt has increased by GHC93 billion this year alone due to the depreciation of the cedi since the beginning of 2022. Even as the state struggles to raise sufficient revenues, high inflation rates continue to eat away the already meagre wages of the average Ghanaian,” Ofori-Atta added.
“The lesson from this relapse in macro-economic stability makes us even more determined, as your government, to permanently restructure and transform this economy and build resilience,” he said.
Watch the full budget presentation below:
Fred Dzakpata
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