The cedi is expected to stay stable—Economist on mid-year budget

Dr. Theo Acheampong, an economist and political risk analyst, has praised the government for keeping the cedi close to its value against the major foreign currencies.

He said that despite this, he still wants the cedi to be valued or the level of stability to be maintained.

“I think this will probably continue going forward.” “When you look at the budget, there is a drop in revenue but a bigger drop in spending,” he said in an interview with Alfred Ocansey that aired on Monday, July 31, 2023, on TV3’s Ghana Tonight.

Ghanaians are also not excited about the mid-year budget, according to Dr. Theo Acheampong, because it doesn’t meet their concerns.

The Finance Minister, Ken Ofori-Atta, introduced the 2023 mid-year budget to Parliament on July 31, and he said that Ghanaians were looking forward to important things in it, such as a drop in the inflation rate, which has a direct effect on their cost of living.

According to The Economist, the goal of a 30% inflation rate by December is not very amazing.

He said that the government shouldn’t be proud of the fact that inflation has gone down from 56% in 2022 to 42% this year.

At 30% by December, he said, inflation is still too high and will raise the cost of living in the country.

They have to meet IMF conditions by the end of the year, which is why I’m sure the 30% inflation goal is in place. It will be good for them, but this goal is still very high, and it will still take away from their savings and ways of making a living.

A GDP growth rate of 2.8% and a development rate of 1.2% are two things he didn’t like about the rate of growth of the business.

It was Monday, July 31, 2023, and the Finance Minister, Ken Ofori-Atta, gave the mid-year budget for 2023 to Parliament. The Minority in Parliament has had different thoughts on the issues than Dr. Acheampong.