Finance Minister, Ken Ofori-Atta has said the Ghana Cedi has depreciated by some 53 percent against the US dollar since the start of this year till date.

According to him, the development has resulted in credit downgrades, rising cost of living and inabillity to access international capital markets for borrowing, among others.

The Minister of Finance, Ken Ofori-Atta, is in parliament to fulfil his constitutional mandate by presenting the government budget to the House.

The presentation is in accordance with Article 179 of the 1992 Constitution and section 21 of the Public Financial Management Act, 2016 (Act 921).

The minister is presenting the 2023 Budget Statement and Economic Policy to parliament in a year that has experienced perhaps, the worst forms of economic downturns in the fourth republic.

Ken Ofori-Atta has also come under a lot of backlash and pressure from both within and outside his party, the New Patriotic Party (NPP), to either resign or be sacked by President Nana Addo Dankwa Akufo-Addo.

Source: Ghanaweb