Joe Jackson: Govt lied on Cedi depreciation figures for 2023

Joe Jackson, the acting CEO of Dalex Finance, has disputed the cedi depreciation figures presented by Minister of Finance Dr. Mohammed Amin Adam.

At his monthly briefing on the economy, the minister said the exchange rate has been largely stabilised with the depreciation of the cedi against the US Dollar halving from 54.2% at the end of Nov 2022 to 27.8% at the end of Dec 2023.

He also said the Cedi is expected to be strengthened in the medium term after the completion of the domestic debt exchange programme.

“But for recent pressures we are seeing on exchange rate movements, the exchange rate has been largely stabilised with the depreciation of the cedi against the US Dollar halving from 54.2% at the end of Nov 2022 to 27.8% at the end of Dec 2023.

But speaking on Eyewitness News, the acting CEO argued that the minister’s figures did not align with the data available online, including the rates provided by the Bank of Ghana.

“The minister may have gotten his figures a little wrong. I don’t think that in May 2023 it was that kind of figure.

“If you go online and you look at Bank of Ghana rate and other quoted rates; anybody can go to www.xe.com, put US dollar to cedi rate, you will see that today’s rate is quoted as 14.55 coming from the central bank.

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

Joe Jackson further commented on the strength of the cedi, stating: “…As for the cedis being strong, he can’t say that. We feel it in our pockets, we feel it when we buy clothes… you feel it everywhere.”

Source: Citi Business News