Last week, the Ghanaian Cedi was 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 report is courtesy of Bloomberg which
revealed that the rise in currency value is coming alongside optimism of
realizing the $3 billion bailout the country has been requesting from the
International Monetary Funds for months.
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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.”
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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.
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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.
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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.
SOURCE: CITINEWSROOM
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