Data from the Ministry of Finance indicates that the depreciation of the local currency against the dollar has worsened.

Presenting the 2023 Mid Year Budget Review Statement to Parliament on Monday, July 31, 2023, the sector Minister, Ken Ofori-Atta indicated that cumulatively, the Ghana cedi depreciated by 22.1 percent against the US Dollar in the year to July 17, 2023.

This is in comparison to 21.1 percent depreciation recorded in the same period in 2022.Statements from the Finance Minister indicates that in January 2023 alone, the cedi depreciated by 20 per cent.

However, from February to July this year, the local currency has depreciated by "an impressive 1.84%".

InflationAccording to the Finance Minister, headline inflation eased in the first half of 2023.

From the peak at 54.1 percent in December 2022, headline inflation gradually trended downwards from 53.6 percent in January 2023 to 42.5 percent in June 2023.

The moderation in inflation was largely supported by monetary policy tightening, relative stability in the exchange rate and lower and stable ex-pump petroleum prices.