According to experts, the cedi has ramped up in value against major foreign currencies, especially the dollar by more than 20% in less than a week.
The Ghana cedi depreciated most part of the year 2022 against the US dollars.
The latest trend of the cedi appreciating has been attributed to significant improvement in the forex market.
This makes it the best performer against the American ‘greenback’.
The cedi slumped by more than 54% against the dollar this year. However, it has strengthened by more than 20% since the start of December after Finance Minister, Ken Ofori-Atta disclosed government’s domestic debt exchange programme, followed by the latest IMF visit and the announcement of the Fund’s staff-level agreement of a bailout package worth some $3 billion.
Meanwhile, Ghana has finally sealed a $3 billion programme with the Bretton Wood institution, pending the approval of its Executive Board after more than four months of negotiations.