Ghana on road to economic recovery as cedi becomes world’s best-performing currency

  • Ghana’s Cedi is last week’s best performing currency in the world, according to Bloomberg.
  • The currency’s appreciation is a result of the reorganization of local debts. 
  • Ghana, a few months back, had one of the worst performing currencies. 

Currently, the Ghanaian Cedi is recorded as the best performing currency in the world.

This short burst of positive momentum is as a result of Ghana’s plan to reorganize its local debts. 

This impact is courtesy of the $3 billion bailout the country has been received from the International Monetary Funds.

According to Blomberg; “The cedi has rallied 15% 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. 

A few months back, the exact 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 on the streets of Accra. The protesters also made their way to the Parliament where several MPs started to call for the dismissal of the country’s finance minister Ken Offori-Atta.

Drama within the government chambers quickly ensued and fortunately for the finance minister he was voted to retain his position.

This is perhaps a result of some of his office’s initiatives, one of which is directly linked to the appreciation of the Cedi.

Ghana is one of Africa’s most prominent regions, its recent history with governance and development has been impressive, to say the least. So, it’s not far-fetched to think that this country can recover from its worst economic crisis in decades.

Recent Articles

Step-by-Step Guide: Self-Registration of SIM Card in Ghana – 2023

Welcome to; today will share with you how to register your SIM card yourself in Ghana. In this comprehensive guide, we will walk...

Easy Guide: How to Link Ghana Card to MTN SIM Card in 2023

Welcome to today's guide on how to link your Ghana Card to an MTN SIM Card. We will provide you with step-by-step instructions to...

MTN Ghana Internet Settings for Mobile Phones 2023 : Quick and Easy Guide

Welcome to today's article on MTN Ghana Internet Settings for Mobile Phones . In this comprehensive guide, I will walk you through the step-by-step...

MTN Ghana Zone Bundles 2023 Latest

Welcome to today's article on MTN Ghana Zone Bundles! Are you looking for affordable and flexible data bundles to stay connected with your loved...

MTN Data Bundle Packages and Prices in Ghana : Comprehensive List

In today's fast-paced world, staying connected is essential. Whether it's for work, socializing, or entertainment, having a reliable and affordable data plan is crucial....

Related Stories

Leave A Reply

Please enter your comment!
Please enter your name here

Stay on op - Ge the daily news in your inbox