Dr. Cassiel Ato Forson, the Finance Minister-designate, has set a target to reduce the Ghana cedi's depreciation rate to 8% in the shortest possible time. He revealed this goal during his vetting before the Appointments Committee of Parliament on January 13.“We intend to reduce depreciation to 8% in the shortest time,” Dr. Forson announced.To achieve this, Dr.

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Forson outlined a comprehensive strategy to stabilise the economy and restore confidence in the local currency. Key measures include enhancing foreign exchange reserves, boosting export revenues, and curbing unnecessary imports.According to him, these interventions would not only stem the cedi's depreciation but also improve the overall economic outlook for the country.

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The Finance Minister-designate reaffirmed his commitment to addressing the root causes of currency instability and assured the Committee of his readiness to collaborate with stakeholders to create a sustainable economic environment that fosters growth and benefits all Ghanaians.The Ghana cedi continued to face significant pressure, losing 3.95% against the US dollar in October 2024, bringing its year-to-date depreciation to nearly 29%.

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In 2024, the cedi had already depreciated by about 15.57%.

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