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2018 Budget Ghana Cedi remains relatively stable - Finance Minister

He disclosed this on Wednesday, November 15, 2017 when delivering the 2018 budget statement in parliament.

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Ken Ofori-Atta play

Ken Ofori-Atta

The Ghana cedi remained relatively stable against the major trading currencies in the currency market, Mr Ken Ofori-Atta, Minister of Finance has said.

He disclosed this on Wednesday, November 15, 2017 when delivering the 2018 budget statement in parliament.

“The Cedi remains relatively stable against all other currencies - 4% against the USD,” he said.

As at the beginning of the year, the cedi was trading at 4 cedis 20 pesewas to the dollar.

READ ALSO: No taxes on mobile money transactions – Gov’t

This continued steadily until it reached its peak at 4 cedis 46 pesewas in February 2017.

Some currency analysts in September this year feared the rise in demand by importers ahead of the festive season could make the cedi lose its streak against the dollar.

Meanwhile, the Finance Minister had said that the policies and programmes put in place by the government have started yielding results.

“In March when I presented the ‘Asempa’ budget, I indicated to this House our commitment to take deliberate strategic steps and the required discipline to fix the economy. We were expected to do little more than just borrow more to incur more debt.

READ ALSO: 2018 budget will bring hardships similar to 1983 famine - Minority

“Thankfully President Akufo-Addo came into office with a positive mindset and inspired all of us to see the invisible, feel the intangible and achieve the impossible.

“I am happy to note that we have turned the economy around and our policies are yielding results and restoring hope and bringing relief to Ghanaians.”

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