Joe Jackson questions Finance Minister’s cedi depreciation figures


Dalex Finance Acting CEO Joe Jackson has questioned the Cedi depreciation figures presented by Finance Minister Dr Mohammed Amin Adam.

He maintains that the data provided by the Minister does not align with the Bank of Ghana figures for the same period.

In his monthly report on the economy, the Minister stated that the exchange rate had largely stabilized, and the depreciation of the cedi against the US dollar had halved from 54.2% at the end of November 2022 to 27.8% at the end of December 2023.

The Finance Minister also projected that the cedi would strengthen in the medium term once the domestic debt swap program is completed.

“However, despite the recent pressures we are seeing on exchange rate movements, the exchange rate has largely stabilized with the depreciation of the cedi against the US dollar halving from 54.2 % at the end of November 2022 to 27.8% at the end of December 2023. “

However, Jackson maintains that these figures are inconsistent with data from the Bank of Ghana, suggesting a discrepancy in reported economic performance.

“It is possible that the minister was slightly wrong in his figures. I don’t think in May 2023 it was that kind of number.

“If one goes online and looks at the Bank of Ghana rate and other quoted rates; Anyone can go to www.xe.com and put in the exchange rate from US Dollar to Cedi. You will see that today’s exchange rate is 14.55 from the central bank.

“On May 24, 2024, the exchange rate quoted there is 10.75. Today the price is 14.55, the depreciation is around 24%,” he insisted.

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