Despite the economic recovery from both external and internal shocks, analysts are optimistic about Cedi's strong performance this year, all things being equal.
The cedi saw a significant gain of more than 60 pesewas in value to the US dollar on April 3, 2023, trading at ¢11.50.
Last week, the cedi gained about 3% in value against the dollar, reducing its year-to-date loss to about 17%.
These gains are due to the Bank of Ghana‘s foreign exchange intervention and positive news about Ghana's ongoing debt restructuring.
To support Cedi's performance, the Central Bank provided $3 million on the spot market and allocated $20 million to the Bulk Oil Distribution Companies at a forward rate of ¢12.00 to $1.
Furthermore, Parliament approved a new tax bill aimed at generating $340 million in revenue to improve fiscal consolidation and secure the IMF program, including increased income and corporate taxes, as well as excise duties on cigarettes and beverages.