Cedi performance in 2021, the best in a decade – John Kumah

Ghana’s Cedi appreciated against the dollar by 4.48%. – Deputy Finance Minister

Govt putting in measures to ensure that the cedi hold against the major trading currencies – John Kumah

A Deputy Minister for Finance, John Ampontuah Kumah, has said the Ghana cedi’s performance in 2021 has been the best in the last 10 years.

According to him, in 2021 the Ghana cedi depreciated against the dollar by 3.63 percent which has been the best performance of the cedi with regards to the dollar in a decade.

“On the cedi’s performance, I’m surprised at Ato’s submission. As at end of December 2021, the cedi had depreciated by 3.63% compared 3.93% same time 2020. This represents one of the lowest depreciation seen in the currency in the last decade,” he said

John Kumah who made these remarks on social media on January 4, 2022, said the performance of the Ghana cedi against the Euro and the British pound is also the best the cedi has done in while.

“The pound has only depreciated by 1.64 percent compared to 7.08 percent in 2020. The cedi as at end December 2021 had appreciated against the Euro by 4.48%. Certainly, it is out of place to speculate about a currency with this sterling performance.

“Government is confident that the cedi will hold against the major trading currencies in 2022 given all the innovative currency management policies introduced including the forward auction,” he added

John Kumah, who is also the MP (Member of Parliament) for Ejisu, said a suggestion by a former Deputy Minister of finance, Cassiel Ato Forson that Ghana cedi will depreciate to a rate of GH¢ 7 to a dollar is not the truth.