He said the staff-level agreement with the International Monetary Fund (IMF) and the improvement of forex inflows from remittances among others will later yield more positive results and further stabilise the economy.

The cedi slumped by more than 54% against the dollar before December 2022.

However, it has strengthened by more than 33% since the beginning of December 2022 after Finance Minister, Ken Ofori-Atta, launched the government’s domestic debt exchange programme.

Speaking during the Centenary Celebration of the Ga Presbytery of the Presbyterian Church of Ghana, President Akufo-Addo called on Ghanaians to support his government in reviving the economy.

“Things are beginning to turn around, what seemed impossible yesterday is now becoming possible. Today the cedis is appreciating against the dollar and all major currencies and the prices of petroleum products are reducing at the pumps.

“The strengthening of the cedi has not happened by chance but the deliberate policies of the government in collaboration with the Bank of Ghana.”

The President further appealed to the business fraternity including the Ghana Union Traders Association (GUTA) to reduce the prices of goods and services as the cedi regains its strength.