New Dollar Exchange Rate from GCB, Fidelity and CalBank

According Tradingeconomics, Ghana’s cedi appreciated sharply to around 10 against the USD, the highest since September 23rd, after Ghana reached a staff-level agreement with the International Monetary Fund for a three-year loan package of $3 billion.

This is the second time in the past three years and the 17th time since independence in 1957 that Ghana has turned to the IMF for help.

The economic program aims to restore macroeconomic stability and debt sustainability, as the west African country battles its worst economic crisis in decades.

IMF Mission Chief for Ghana Stephane Roudet underlined that one of the objectives of the newly-approved program for Ghana is to improve the country’s shock resilience and reduce its dependence on the fund’s programs. The cedi is down almost 48% against the dollar this year.

However, it strengthened more than 23% since the start of December after the latest IMF visit and a domestic debt exchange was announced.

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The Ghanaian economy prior to this was hit by several factors ranging from high food and fuel prices, high exchange rates and others which made no economic sense and caused hardship until now. The country may not be out of the woods yet as the cedi must remain consistent with its new found gains if the economy is to stabilize.