Cedi far better under Akufo-Addo’s Admin – Ofori-Atta

Under 18 months in government, Finance Minister is optimistic and express high marks that government under President Akufo-Addo is far on a better note than that of former president Mahama, this he has initiated to the betterment of the cedi.

For just one reason-taxes and how to meet revenue target- the mid-year review presentation has become a subject of great expectation, anxiety laced with the usual partisan political debates.

Minority claims of a VAT increase to be announced by the Minister have been deflated but the talk on the taxes is still high on the agenda.

Presenting the mid-year budget review before parliament on Thursday, 19 July 2018, Mr Ofori-Atta said the depreciation of the cedi in the first six months of 2018 has been the best since 2012 in the history of this country.

He said: “We have seen the cedi come under pressure primarily due to external pressures. In fact, aside from the strong volatility recorded this year, the average performance of the dollar has been one of the best in recent years.

“Mr Speaker, the performance of the Ghana cedi in the 18 months of the Akufo-Addo government has been impressive if compared to the last six years. These are the facts, the year-on-year depreciation of the Ghana cedi against the US dollar stood at 4.9% in 2017, it was 9.7% in 2016, it was 15.7% in 2015, it was 31.3% in 2014 and 70.5% in 2013.” – he said.

According to him, the government is taking measures in ensuring better economic system than what we experiencing now.

“If this is anything to go by, it means that the 2018 performance of the Ghana cedi is likely to be better than even the 4.9% we experienced in 2017 which was an all-time low compared to the four years of the Mahama administration.”