Finance Minister Ken Ofori-Atta has noted that the local currency has been relatively stable so far this year against foreign currencies.

At a news conference hosted by the Ministry of Finance, the Bank of Ghana, and the International Monetary Fund (IMF) today on Ghana’s bailout, the Finance Minister indicated that from January till date, the cedi has depreciated by 23.5%.

"The Ghana cedi has remained relatively stable from the beginning of the year till date, depreciating culminative by 23.5 percent over the period. But that really is essentially a huge jump in January, and basically since February to date, about 2.5 percent creating the kind of stability that is required for businesses and for confidence to be built up," he said.

He continued: "So the impression over this period, February to now is only 3.1 percent.

On October 6, 2023, as per the Bank of Ghana’s Interbank forex rates, the cedi is trading against the US dollar with a buying price of GHS11.2193 and a selling price of GHS11.2305.

At the forex bureau, the dollar is being purchased at a rate of GHS11.65 and sold at GHS11.95.

With regards to the fiscal front, Mr Ken Ofori-Atta stated that the primary balance on a commitment basis for the half-year 2023 was a surplus of about 2 billion of the target of 4 billion.

This, he said, was driven in part by strong non-oil domestic revenues and rationalized spending.

Also, non-oil public revenue for the period was 50.1 billion, compared to the program target of 49.8 billion.