Cedi Outperforms Other African Currencies For 2020 Q1 As It Appreciates 0.6% To U.S Dollar

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The first quarter of 2020 of Ghana’s currency has ended on a high note with a year-to-date appreciation of 0.6 percent to the USD.

Some other prevalent 15 countries in Africa have had Ghana cedis outperformed them as it’s the best performing currency including Nigerian naira, Egyptian pound, and South African rand.

The cedis is said to have performed similarly to that of 2020 according to the Joy Business report as the currency has profited from growth-related efforts.

Senior Economic Analyst at Databank Research, Courage Martey noted that the cedi ended the first quarter of 2021 with another impressive performance similar to get it did in the first quarter of 2020.

He stated that in the first quarter of 2020 the local currency ended with an appreciation of 1.7% against the USD which become the second most resilient currency behind the Egyptian pound.

The Senior Economic Analyst added that the cedi strong performance is as a result of Bank of Ghana intervention measured put in place in the Forest FX Forward market however other economists have already emphasized that the local currency is expected to enjoy some stability against major trading currencies throughout the year