According to a number of reports, the cedi is no longer the worst-performing currency among top-performing currencies in Africa.

In comparison to the US dollar and the euro, the Ghanaian cedi keeps strengthening.

As of Monday, December 19, 2022, the cedi is trading for GHC8 to the dollar, according to checks at several forex bureaus.

The increase of currency flows from remittances and the mining industry, as well as the staff level agreement with the IMF for a US$3 billion package, are what the president of Ghana, Akufo-Addo, has credited to "the strengthening of the cedi."

Spokesperson to Vice President Dr. Mahamudu Bawumia, Dr. Gideon Boako speaking to this, hinted that the dollar will drop further if government is able to go through with its gold-for-oil policy and complete the board approval of the IMF loan.

"I can confidently say that once government has reached the staff level agreement, the next thing is the board approval; once the board approval comes, the news and the impact of that will affect the currency and so there's a likelihood that the dollar will drop further . . . there's a huge expectation that between now and January to March, the dollar will fall again so if you're a smart trader, you wouldn't want to keep dollars for anything . . . " he stated on Peace FM's morning show 'Kokrokoo'.