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Finance Minister, Dr Kwabena Duffour says the recent depreciation in the value of the cedi is only a temporary setback in the country’s economic development.

The cedi recorded a continuous decline in value especially in the last quarter of last year and the early parts of this year.

It has since been stabilized but has yet to record significant gains against the major currencies.

Dr. Duffour however asserted that efforts are being made to get the local currency back on track.

He told Joy Business at the opening of a Regional Workshop on Medium-Term Frameworks and Budgetary Process that: “If you look at the size of the reserves, and what is happening to the cedi, I will say that it is only a temporary thing, we will resolve it…last week Central Bank raised the policy rate: it's an attempt to stop depreciation of the cedi.”