Ghana cedi has been tagged by Bloomberg as the best-performing currency against the US dollar.
After being compared to some 150 currencies across the globe, the cedi emerged as the best-performing currency against the dollar last week.
The currency, having lost more than 50% of its value in the course of the year gained 10% against the greenback. The cedi to dollar exchange rate was as high as $1 to more than GH¢15 this year but currently trades a little above GH¢12.50 to the dollar.
To this end, the host of ‘Di Bawumia Ho Adanse3‘ Etwienana Baffour Oteatuoso Kokobeng II has showered praises on the Vice President, Dr. Mahamudu Bawumia for resuscitating the cedi.
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About 3 months ago, Ghana’s currency was labeled as the worst performer against the USD, relieving the Sri Lanka rupee of this unenviable position.
The Cedi’s untamed slump against the USD put Ghana’s economy in a forlorn position with the country’s long-term bonds suffering at least 7 downgrades from three international rating agencies in less than 11 months this year.