Bloomberg: Cedi is currently the best-performing currency worldwide.
The Ghanaian Cedi was noted as the world's top performing currency last week.
This brief uptick in optimism is due to Ghana's effort to restructure its domestic debts.
The tale can be read here.
According to a Bloomberg story, the increase in currency value coincides with confidence about the country receiving the $3 billion bailout it has been demanding from the International Monetary Fund for months.
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.”
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. Read the story here.
Outrage and demonstrations followed this announcement in Accra. The demonstrators also made their way to the Parliament, where many lawmakers began to demand that Ken Offori-Atta, the nation's finance minister, be fired.
Drama rapidly broke out in the government offices, and fortunately for the finance minister, he was chosen to stay in that position.
The tale can be read here.
This may be a result of some of the measures taken by his administration, one of which is directly related to the Cedi's admiration.
Ghana is one of the most well-known nations in Africa, and its recent record of administration and prosperity is, to put it mildly, spectacular. Therefore, it is not unrealistic to believe that this nation can overcome its greatest economic crisis in decades.
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