• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Stability in value of cedi primarily the role of the Central Bank – Ken Ofori-Atta

3 years ago
in Business, Economy, Features, highlights, Home, home-news, latest News
1 min read
0 0
0
100
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Stability in value of cedi primarily the role of the Central Bank – Ken Ofori-Atta

Finance Minister Ken Ofori-Atta has said that the stability of the cedi – although the collaborative duty of the Finance Ministry and Central Bank – per functions outlined in the BoG Act, 2022 is primarily the duty of the Central Bank and for that matter the Governor to maintain stability in the value of the cedi.

He made the assertion in response to the third ground for the censure motion claiming fiscal recklessness on his part as the Finance Minister leading to the crash of the cedi which is currently the worst performing currency in the world.

Responding to the claim, the Minister said, “the idea that the depreciation of the Cedi is the result of fiscal recklessness is not supported by the available facts. The Ghana Cedi consistently performed very well throughout my tenure as Finance Minister, up until March 2022. The records show that between 2012 and 2016, the Cedi depreciated by an average of 17% whilst between 2017 and 2021, the average rate of depreciation was 7%.

“The major contributors to the currency problem are not necessarily fiscal factors Hon. Co-Chairs, unlike July 2014 when the Cedi was last rated as the world’s worst performing currency, the 2022 depreciation is largely attributed to extraordinary global factors including the strengthening of the US Dollar (even against major international currencies like the UK Pound and the Euro); and speculation due to economic uncertainties. For example, in this year, 2022, the Euro is worth less than the dollar for the first time in 20 years. 

“As stipulated in Article 183 of the Constitution, Section 2(a). The Bank of Ghana shall promote and maintain the stability of the currency of Ghana and direct and regulate the currency system in the interest of the economic progress of Ghana. As such, the Bank of Ghana, which manages our reserves is leading the interventions to contain the depreciation of the Cedi.” 

Meanwhile, the eight-member Adhoc Committee constituted by Speaker Alban Bagbin to assess the vote of censure against the Minister for Finance, Ken Ofori-Atta, has said the Governor of the Central Bank would be brought before Parliament to answer questions pertaining to the fast depreciation of the local currency (cedi).

RelatedPosts

 Importers and Exporters Association Decries “Mafiarian” Auctions of Perishable Goods at Ghana’s Ports

Nigeria Leads as Africa’s Wealthiest Economies Lose Over 8,000 Millionaires in 10 Years

Financial Stocks Gain as Accra Bourse Slips on Prime Index Decline

The year-to-date depreciation of the cedi against a strengthening dollar has been pegged at 52% with the cedi currently going for GHS 14.50 to $1.

 

Source: norvanreports
Tags: Censure Motion: BoG Governor to appear before Adhoc CommitteeDr Ernest AddisonGovernor of the Bank of Ghana (BOG)Ken Ofori-Atta.Minister for Finance
No Result
View All Result

Highlights

Ghana in Talks With Nigeria Over Possible Barter Deal to Swap Gas for Electricity

Ghana set to Save $300m in Debt Restructuring Deal With IPPs – ACEP’s Ben Boakye Discloses

Morocco and Madagascar set up Historic CHAN Final in Nairobi

US Open: Defending Champions Swiatek and Sinner Cruise Into Second Round

Otto Addo Names Strong 24-Man Squad As Black Stars Prepare For Crucial World Cup Qualifiers Against Chad and Mali

FEC 2025: NRGI Warns Fossil Fuel Investments Risk Undermining Africa’s Energy Transition; Lists Innovative Financing Instruments to Plug Transition Funding Shortfall

Trending

Business

 Importers and Exporters Association Decries “Mafiarian” Auctions of Perishable Goods at Ghana’s Ports

August 27, 2025

 Importers and Exporters Association Decries “Mafiarian” Auctions of Perishable Goods at Ghana’s Ports The Importers and Exporters...

Nigeria Leads as Africa’s Wealthiest Economies Lose Over 8,000 Millionaires in 10 Years

August 27, 2025

Financial Stocks Gain as Accra Bourse Slips on Prime Index Decline

August 27, 2025

Ghana in Talks With Nigeria Over Possible Barter Deal to Swap Gas for Electricity

August 27, 2025

Ghana set to Save $300m in Debt Restructuring Deal With IPPs – ACEP’s Ben Boakye Discloses

August 27, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

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

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.