Former Finance Minister Seth Tekper has attributed the resurgence of the cedi to the Staff Level Agreement reached with the International Monetary Fund (IMF).

In an interview on the sidelines of the NDC’s 10th National Delegates Congress in Accra on Saturday, he said the agreement has boosted investor confidence. 

“The Government must expedite action on its domestic and external debt restructuring Programme to sustain the gains, he said.

The government announced Tuesday, December 13, 2022, that it had reached a Staff-Level Agreement on a three-year US$3 billion Extended Credit Facility (ECF), with the International Monetary Fund (IMF), to support the country’s economic policies and reforms. 

The agreement was reached after a visit by the IMF team led by Mr Stéphane Roudet, Mission Chief for Ghana, from December 1 to 13, 2022, to discuss with the Ghanaian authorities IMF support for their policy and reform plans. 

The loan support programme is aimed at restoring Ghana’s macroeconomic stability and debt sustainability, protecting the vulnerable, preserving financial stability, and laying the foundation for strong and inclusive recovery and growth. 

However, the staff-level agreement is subject to IMF Management and Executive Board approval and receipt of the necessary financing assurances by Ghana’s partners and creditors.