text: 2.75 = $US I.00 to t\do rates applying to specified receipts and payments, and resulting in an implicit weighted average rate of cedis 25 = $US 1.00. The multiple rates were unified at a rate of cedis 30 = $US 1.00 on l0 October 1983' Since then, Ghana has pursued a flexible exchange rate policy with a view to keeping the exchange rate constant in real terms. In April 1994 the cedi was again adjusted to cedis 35 = $US 1.00, and to cedis 50 = $US I.00 by the end of the year' thus registering a change of over lr?00 per cent in local currency terms' In April 1985 it was again adjusted to cedis 53 = $US 1.00. These measures established a foundation for balance of payments viability and conditions of stability for continued economic growth. (b) pricing policies: following the adjustment in the exchange rate, the reforms attempted the establishment of realistic relative prices. Cocoa producer prices were raised twice from cedis 12,000 for the L982/83 season to cedis 30r000 for the ].gg4/g5 season. For the 1985/86 season the producer price has been increased to cedis 66r600 per ton. Administered prices of imported goods were adjusted to permit a full pass through of the higher cedi cost following successive exchange rate npvements. Subsidies on products were phased out and resulted in price adjustments in line with prevailing exchange rates. Tariff rates on tnost utilities were adjusted upwards by 100 per cent or more. Price controls have been operated with increasing flexibility and pragmatism and, more recently, a significant degree of Iiberalization has been introduced. (c) New legal r6gimess a new Investment Code has been promulgated, as well asaMinerffiroleumCode,thelattertwodesignedtostream1inethe Governmentrs efforts to exploit these natural resources. (d) Incomes policys to cushion workers from a severe erosion in their real
analysis: The text appears to be discussing the economic reforms and policies implemented in Ghana, focusing on the stabilization of the exchange rate, price adjustments, and legal frameworks related to investment, mining, and petroleum. These reforms aim to promote economic growth and balance of payments viability.