Dr. John Kwakye, director of research at the Institute of Economic Affairs (IEA), has stated that fiscal discipline is required to bolster the Cedi.
Ghana's currency is poised for one of the strongest rallies in the world, according to Bloomberg, after the West African nation's $3 billion agreement with the International Monetary Fund (IMF) gave investors confidence that it can recover from last year's debt crisis.
Prior to the mid-month conclusion of the IMF agreement, the cedi outperformed all other currencies against the dollar.
Since Ghana unilaterally suspended payments on the vast majority of its external debt in December, this was the latest in a series of violent shifts.
The currency is projected to finish the month with a 5.3% increase, the fourth-largest gain among approximately 150 currencies.
Commenting on this in a tweet, Dr. Kwakye stated, "As always, the challenge is to maintain cedi fortitude. This necessitates economic reforms and fiscal rigor."