The cedi has appreciated again as $1 is now trading at an average rate of GH¢10.70 with a market range spanning GH¢10.30 to GH¢11.28, according to figures by the Bank of Ghana (BoG).
In less than five hours today, December 14, 2022, the Ghana cedi gained 5.6% value against the US dollar.
This made the cedi the strongest performing currency against the American’ greenback’ in December 2022.
At some forex bureaus tracked by The Ghana Report, some dealers are exchanging 1$ for as low as GH¢7.
The cedi had slumped more than 54% against the dollar before December 2022.
However, it has strengthened by more than 33% since the beginning of December 2022 after Finance Minister, Ken Ofori-Atta, launched the government’s domestic debt exchange programme, followed by the latest announcement of the International Monetary Fund’s staff-level agreement of a bailout package worth $3 billion.
According to Stéphane Roudet, Mission Chief for Ghana, his team “reached staff-level agreement with the Ghanaian authorities on a three-year program supported by an arrangement under the Extended Credit Facility (ECF) in the amount of SDR 2.242 billion or about $3 billion”.
“The economic programme aims to restore macroeconomic stability and debt sustainability while laying the foundation for stronger and more inclusive growth. The staff-level agreement is subject to IMF Management and Executive Board approval and receipt of the necessary financing assurances by Ghana’s partners and creditors.” He stressed.
Moreover, experts at the Danquah Institute Economic Forum have proposed a raft of measures to the government, including the introduction of an exchange rate stabilisation levy as it seeks to prevent the country’s ailing economy from deteriorating further.
They also called for the rationalisation of government expenditure by allowing state-owned enterprises to stand independently, easing the burden on government spending.