Renowned world financial news, research and data organisation Bloomberg, has rated the Ghanaian Cedi as the best-performing currency in the world against the United States Dollars.
In a report published on Monday, Bloomberg described the Cedi, the “world’s best-performing currency against the dollar this year” adding that the Cedi has “extended its advance on Monday as investors await a Eurobond sale that would bolster the government’s coffers.
Cedi depreciation
Cedi has, in recent years, struggled against the major trading currencies in the world.
A recent data published by the BoG last year, on the movement of the currency, indicated that the cedi was falling averagely 0.93 per cent, over a period of four weeks.
By December 13, last year, the cedi lost it value by 13 per cent to the Us dollar compared to the period in 2018, when it stood at 8.2 per cent, this according to another data by the BoG.
The December 13 depreciation was said to be the highest in the last four years.
Measures to manage the Ghanaian Cedi
Consequently, Government initiated some measures to halt the rapid depreciation of the currency.
One of such measures was the formation of the 40-member Forex Committee to investigate the root cause of the Cedi depreciation and propose solutions to address same. Though there has been huge criticism about this move, we are yet to know the recommendations from this Committee
Another of such measures is the Eurobond that is scheduled to be sold this week.
Good news for the Ghanaian Cedi
But this latest ratings from the renowned news, research and data investigation outfit, comes as a welcoming news to the Government and businesses in the country.
Bloomberg also added that the currency of the world’s second-biggest cocoa producer has strengthened by 3.9% in 2020, the most among more than 140 currencies monitored by Bloomberg.
