The Minister for Finance, Ken Ofori-Atta has said government remains committed to stabilising the depreciation of the Ghana cedi.
According to the minister, the government has so far implemented a 30% cut in expenditure as part of measures to reduce the fiscal deficit.
He said that initiative would help reduce the pressures on the exchange rate.
The Minister made the remarks on Wednesday, June 22, 2022, when answering a question posed to him in Parliament by the Member of Parliament for Bongo, Edward Abambire.
“Government is complementing efforts to keep the cedi afloat through its fiscal consolidation measures and real sector interventions.”
“The implementation of the 30% cut in expenditures and other expenditure measures approved by Cabinet are all helping to reduce the fiscal deficit and thereby reduce the pressures on the exchange rate,” he assured.
The minister also indicated that government is preparing to raise about US$1 billion to support the 2022 Budget and foreign exchange reserves.
He said, in addition, the government is undertaking real sector interventions including the Ghana CARES Programme to support import substitution of products such as poultry, rice, and other essential commodities thereby reducing foreign exchange pressures from the imports of those products.
Emphasising on the forex inflow, Mr. Ofori-Atta disclosed government’s expectancy to improve the supply of the foreign currency and the stability of the local currency.