The Ghanaian currency Cedi has been reported to have recorded impressive recovery against the US Dollar after months plummeting to the red line in the world currency ranking. The Cedi’s recovery has been adduced to Ghana’s materializing plan to reorganise its local debt.
The cedi was said to be the worst-performing and the cheapest in Africa, undervalued by more than 30 percent against its 25-year history last week.
According to Bloomberg, the rise in the currency value comes alongside hopes of realizing a $3billion bailout the country has been requesting from the International Monetary Fund, IMF, for many months now. The report reads in part:
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‘’The cedi has rallied 10 percent 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.
‘’The currency was the cheapest in Africa, more than 30 percent undervalued versus its 25-year history last week.’’
Business Insider reports that the news means a turnaround for a currency that lost half of its values since beginning of the year and occupies the bottom slots in the index. According Business Insider, a few months back the exact opposite of this news was reported, revealing that the cedi was the worst-performing currency in the world.F
Following the news of cedi as the world’s worst performing currency in the world in October, protest had erupted across the streets of Ghana with the parliament being the major target of the protesters. This made several lawmakers to call for the removal of the finance minister, Ken Offori-Atta. However, the minister was later voted to remain in office.
On Friday, December 10 2022, the currency advanced 12.9648 to a US Dollar, the strongest since October but is still down by 52 percent this year, legit.ng reported.