Finance Minister, Dr. Mohammed Amin Adam, has responded to concerns about the recent depreciation of the Ghanaian cedi, stating that despite recent pressures, the currency remains strong.

Dr. Amin made these remarks in light of the cedi's performance against the US dollar, noting that while there has been a noticeable depreciation, the currency's stability has been maintained.

He pointed out that the cedi's depreciation against the US dollar has halved from 54% in November 2022 to 27.8% by the end of December 2023.

The minister highlighted that the cedi's stability has continued into 2024, with a cumulative depreciation of 14.2% as of May 20, 2024, compared to 20.7% recorded in the same period in 2023.

Engaging the press on Friday on the state of the economy, the Minister said, "People may see the cedi depreciating fast recently. Based on that comparison, we can say that the cedi is still strong."

The Chamber of Petroleum Consumers (COPEC) has alerted the public to anticipate higher fuel prices at the pumps in the coming weeks due to the depreciation of the cedi.

This warning follows increases in fuel prices by some oil marketing companies, despite earlier projections that prices would decline from mid-May. The companies have attributed the price hikes to uncertainties in the exchange rate market.

As of May 22, at a Forex bureau located in Accra, the dollar was purchased at a rate of GH15.00 and sold at GH15.30.

Against the Pound Sterling, the Cedi stood at a buying rate of GH17.6437 and a selling rate of GH17.6628.

In another forex bureau in Accra, the pound sterling was bought at GH18.50 and sold at GH19.20.

For the Euro, the rate showed a buying price of GH15.0608 and a selling price of GH15.0745.

At a different forex bureau in Accra, the Euro was acquired at GH15.85 and sold at GH16.45.