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

The Ghanaian Cedi was ranked as the best performing currency worldwide last week.

Ghana’s plan to restructure its domestic debts is what has caused this brief upswing in the economy.

According to a Bloomberg story, the increase in currency value coincides with hope that the $3 billion rescue that the nation has been demanding from the International Monetary Fund for months will actually be granted.

“The cedi has surged 10% in the last five days, the greatest advance among the roughly 150 currencies tracked by Bloomberg,” the report says in part. That is a reversal for an exchange rate that had dropped to the bottom of the rankings and lost half of its value this year.

According to additional report excerpts, “The currency was the cheapest in Africa, more than 30% undervalued compared to its 25-year history last week, so some recovery after the huge fall recently isn’t that surprising,” said Charles Robertson, the global chief economist at Renaissance Capital Ltd. in London. We also have the IMF here, which ought to open the door for dollar support.

A few months ago, the exact opposite of this news—that the Ghanaian Cedi was the world’s worst-performing currency—was revealed.

Outrage and protests followed this announcement in Accra’s streets. The demonstrators also made their way to the Parliament, where a number of members began to demand the ouster of the nation’s finance minister, Ken Offori-Atta.

Drama in the government chambers rapidly broke out, and thankfully for the finance minister, he was chosen to stay in office.

This may be due to certain of his office’s initiatives, one of which is directly related to the Cedi’s admiration.

Ghana is one of the most well-known nations in Africa; to put it mildly, its recent record of administration and prosperity is excellent. So, it’s not crazy to imagine that our nation can emerge from its greatest economic catastrophe in decades.

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