Prof. Godfred Bokpin, an economist and finance lecturer at the University of Ghana Business School, claims that the current cedi appreciation is not supported by solid economic fundamentals.

Even if it is a positive indicator, he thinks the admiration will pass quickly.

"It is impossible to predict how long it will persist because it is not supported by solid economic foundations.

But at least what we saw was positive.

It indicates that the system is adapting to the changes, according to Prof. Bokpin, who gave an interview at a roundtable discussion in Accra that the Citizen's Coalition arranged.

Bokpin charged the government to do more as the current debt exchange programme is not in a good shape.

“We have seen how the cedi is responding, but there is still a lot of work to be done. The Staff Level Agreement with the IMF is not the same as the programme. There is a lot of work because our debt level is unsustainable. The debt exchange in its current form is not in a good shape and may systematically weaken the balance sheet of the participating financial institutions,” he added.

He however urged government to ensure that the debt restructuring protects financial stability.

“If we are not careful, in our attempt to polish our public debt, we may be creating a crisis that will later come to bite us. Let us do the restructuring in a way that protects financial stability,” he noted.

“Because it is not driven by strong economic fundamentals, you cannot say it is going to last. But at least, what we have seen is good. It means the system is responding to the changes,” Prof. Bokpin added.

IMF programme insufficient to address Ghana's problems - Prof. Bokpin