Ghana Cedi Bounces Back, Becomes World’s Best-Performing Currency
- The Ghana cedi has bounced back as the world’s best-performing currency after a streak of depreciations
- Among 150 currencies tracked by Bloomberg, the cedi gained about 10 per cent to top the list
- The cedi was named worst performing in October the government failed to secure a bailout from the IMF
The Ghanaian currency is on track to recovery after posting an impressive result against the US dollar five days in a row.
The result comes amid Ghana’s plan to reorganise its local debts.
Source: Getty Images
Hope as Ghana nears securing $3 billion from IMF
According to Bloomberg, the rise in the currency value comes alongside hopes of realising a $3 billion bailout the country requested from the International Monetary Fund (IMF) for months now.
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Per the reports, the cedi rallied 10 per cent in the past five days, the biggest gains among 150 currencies Bloomberg tracked.
Business Insider reports that the news means a turnaround for a currency that lost half of its values since 2022 and occupied the bottom slots in the index.
The cedi was the worst-performing and cheapest in Africa, undervalued by more than 30 per cent against its 25-year history last week.
The currency was named the world’s worst-performing currency in the world in October.
Fall of cedi sparks protests
The news sparked protests across Ghana with protesters making their way to the Parliament where several lawmakers started calling for the removal of the finance minister, Ken Offori-Atta who was later voted to remain.
On Friday, December 10, 2022, the currency advanced to 12.9648 to a dollar, the strongest since October but it is still down by 52 per cent this year.
Other top-performing currencies this week are the Vietnamese currency, Chilean peso, Costa Rican colon and Chinese yuan.
Ghana's cedi becomes worst currency in the world, exchanges for 11, 250 per dollar
Legit.ng reported that while Nigerians are crying over the shambolic performance of their local currency, the naira exchanging for N741 per dollar on Monday, October 17, 2022, their West African neighbour, Ghana's cedi, emerged as the worst-performing currency in the world.
Bloomberg reports that Ghana's cedi plummeted to become the world's worst-performing currency in 2022 as investors continue to pump foreign currencies into the country as it inches closer to a deal with the International Monetary Fund (IMF).
The cedi fell to as much as 3.3 per cent on Monday, October 17, 2023, to exchange for 11.2750 cedis per dollar as of Monday afternoon in the capital, Accra.
Source: Legit.ng
