According to him, the depreciation of the cedi does not affect individuals and households alone, as the Ministry is also challenged by the ability to effectively manage Ghana’s debt as a result of the fast depreciation of the Cedi.
He added: “Even as the State struggles to raise sufficient revenues, high inflation rates continue to eat away the already meagre wages of the average Ghanaian.”
Meanwhile, he said the lesson from the relapse in macro-economic stability makes government even more determined to permanently restructure and transform Ghana’s economy and build resilience.
The Finance Minister presented the 2023 Budget Statement and Economic Policy of the Government to Parliament aimed at restoring and stabilising the macroeconomy.
“The 2023 Budget will focus on government’s strategies to restore and stabilise the macroeconomy, build resilience, and promote inclusive growth and value creation,” the statement from the Finance Ministry said.