On Wednesday, June 22, 2022, Bongo Constituency Member of Parliament, Edward Abambire, posed a question to Ofori-Atta, who is the Minister for Finance, in parliament concerning the depreciating Ghana cedi. Ofori Atta responded by saying the government has implemented 30 % of its expenditures in an attempt to minimize the fiscal deficit. This measured is designed to help reduce the pressure of the exchange rates.
The Minister for Finance further affirmed that the government is seriously considering real sector interventions among them including Ghana CARES program aimed to support import substitution of products like rice, poultry and many other essential commodities. In this case, the pressure of foreign exchange from the imports of such products will be reduced.
Sharing his statement;
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 pressure on the exchange rate.
According to Ofori-Atta, the government is also committed to raise US $1.0 billion that will used to support the 2022 Budget and foreign exchange reserves.
