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Market Digest Nigeria

Finance

Ghana’s Cedis rated as “Best” African currency of 2021

Ernest Addison , governor of the Bank of Ghana, speaks during a news conference to in Accra, Ghana, on Monday, Sept. 21, 2018. Photographer: Ruth McDowell/Bloomberg

Senior Economic Analyst at Databank Research, Courage Martey, reveals why the Cedi is rated as Best currency in Africa, he said:

“The Ghana cedi ended the first quarter of 2021 with yet another impressive performance, similar to what it did in the first quarter of 2020.”

“You will recall that in the first quarter of 2020, the local currency ended the quarter with an appreciation of almost 1.7% against the US dollar and that made it the second most resilient currency in our basket of 15 African currencies, only behind the Egyptian pound.”

“It is quite impressive, against the fact that the pandemic has not yet given way, so there is still so much uncertainties within the global financial market space.

“Immense thanks to the Bank of Ghana’s intervention measures, particularly on the FX forward market but the significant inflows of foreign portfolio investments into the bond market especially during this year has been significantly supportive of the Ghana cedi to put up the kind of performance we see in the first quarter of 2021.”

 

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