Minister for Finance Ken Ofori Atta has touted some achievements of the Akufo-Addo administration.
According to him, this is the first time in the Fourth Republic that the exchange rate fails to spike after an election year.Â
Presenting the Mid-Year Budget Review in Parliament, Ken Ofori Atta said the country is witnessing one of the lowest numbers on record in terms of inflation in about two years.
"Mr. Speaker, on inflation, we are witnessing one of the lowest numbers on record in about two years. Inflation, which, at the height of the pandemic, hovered around 11.8 percent, dropped to 7.5 percent in May 2021 before inching up slightly to 7.8 percent in June."
He explained that the Bank of Ghana will implement appropriate monetary policy to maintain inflation rate within the target of 8+ -2%.
"The Bank of Ghana will continue to implement appropriate monetary policy to maintain inflation rate within the target of 8+ -2 percent."
On the stability of the cedi, he said the local currency will continue to enjoy stability till the end of the day.
"The cedi has been relatively stable in the past four years, and maintained its stability even in this pandemic year. For the first time in the Fourth Republic, the exchange rate did not see a spike after an election year. Cumulatively, from the beginning of the year to date, the exchange rate has depreciated by 0.6 percent against the US Dollar and appreciating by 3.6 percent against the Euro. This stability is expected to continue as we move towards the close of the year."