4.6 C
New York
Friday, March 29, 2024

Ghana Cedi Recovering, Becomes World’s Best-Performing Currency

Date:

Share post:

Following an increase in its performing power in the international market, Last Week, the Ghanaian Cedi was ranked as the best-performing currency in the world.

This brief positive moment is the result of Ghana’s plan to reorganize its domestic debt.

This report comes from Bloomberg, which revealed that the currency’s appreciation comes with optimism about receiving a $3 billion bailout from the International Monetary Fund for the country months ago.

Cedi

The report reads in part; “The cedi has rallied 10% in the past five days, the biggest advance among about 150 currencies tracked by Bloomberg. That’s a turnaround for an exchange rate that had lost half of its value this year and occupied the bottom slot in the charts.”

More extracts from the report read, “The currency was the cheapest in Africa, more than 30% undervalued versus its 25-year history last week, so some rebound after the huge fall recently isn’t that surprising,” said Charles Robertson, the global chief economist at Renaissance Capital Ltd. in London. Also we have the IMF in town, which should pave the way for dollar support.”

Also, read; Uganda Charges U.S. Couple With Torture of Foster son

A few months ago the complete opposite of this news was reported revealing that the Ghanaian cedi was the worst-performing currency in the world.

This news sparked outrage and protests in the streets of Accra. The protesters also made their way to Parliament, where many lawmakers began calling for the resignation of the country’s finance minister, Ken Ofori-Atta.

This led to some controversial displays by opinionated members of parliament and government officials who opposed the country’s finance minister and his recent policies, blamed for the currency’s issues.

Ghana Cedi Recovering, Becomes World’s Best-Performing Currency

This may have been the result of some of his cabinet’s initiatives, one of which is directly related to the esteem for the Sidi.

Ghana is one of Africa’s most remarkable regions and its recent history of governance and development has been impressive, to say the least. So it’s no exaggeration to think that this country can recover from its worst economic crisis in decades.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Related articles

Togo Adopts Constitutional Change: President to be Elected by Parliament

Togo, a nation with a long history of presidential rule, is undergoing a significant shift in its political...

Tragedy Strikes as Bus Carrying Easter Worshippers Plunges off Cliff in South Africa

A devastating accident has rocked South Africa's Limpopo province, claiming the lives of dozens of worshippers en route...

Houston Man Sentenced for Impersonating Bishop and Deceiving 10 Women Into Marrying Him

In a startling case of deception, Houston resident Orlando Coleman, 51, has been sentenced to prison for orchestrating...

Chinese Man Sentenced to Death for Girlfriend’s Murder in Nigeria

In a landmark ruling, a Nigerian court has sentenced a Chinese national, Frank Geng-Quangrong, to death for the...