He made this statement yesterday, January 13, during his vetting before the Appointments Committee of Parliament.

“We intend to reduce depreci­ation to 8 per cent in the shortest time,” Dr Forson said.

He explained that achieving this target would require imple­menting a comprehensive strategy to stabilise the economy and restore confidence in the local currency.

Dr Forson outlined several measures to address the issue, including enhancing foreign ex­change reserves, boosting export revenues, and curbing unneces­sary imports.

According to him, these inter­ventions would not only reduce depreciation but also improve the overall economic outlook.

The Finance Minister-desig­nate emphasised his commitment to addressing the root causes of currency instability.

He assured the Committee of his readiness to work with stakeholders in order to create a sustainable economic environ­ment that promotes growth and benefits all Ghanaians.

The annual rate of deprecia­tion has been around an average of 23 per cent.

At the end of 2024, market data shows it lost about 20 per cent of its value against the dollar.

The Ghana cedi lost 0.48 per cent to the dollar last week, increasing its year-to-date loss to 1.27 per cent with just 13 days into 2025.

This is due to prevailing cor­porate demand and poor foreign exchange liquidity, as the Bank of Ghana’s daily forex auctions took a breather post-yuletide season.

The local currency closed at a mid-rate of GH¢15.68 to one American greenback. It also de­preciated by 0.62 per cent to the euro, while it gained 0.26 per cent versus the pound.

It began this week, going for GH¢15.85 to one American greenback.

Dr Forson also expressed concerns about the current tax exemption regime, describing it as opaque and prone to favouritism.

He called for greater transpar­ency and fairness in the applica­tion of tax exemptions.

“My problem with tax ex­emptions is the opaqueness and favouritism,” Dr Forson stated.

He noted that the lack of clarity in the process undermines public confidence and creates opportunities for abuse.

According to him, such prac­tices hinder the nation’s ability to mobilise adequate revenue for development.

Additionally, Dr Forson emphasised the need to reform the tax exemption framework in order to ensure it is both equita­ble and beneficial to the country.

“Tax exemptions should be granted based on clear, transpar­ent, and merit-based criteria,” he argued.

He further indicated that addressing these issues would be a priority should his nomination be approved.

The Finance Minister-des­ignate also underscored the importance of balancing revenue mobilisation with fostering a business-friendly environment.

He assured the Committee that under his leadership, efforts would be made to streamline the exemption process while main­taining fairness and accountability in the nation’s financial policies.