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The Ghanaian cedi has become the best currency in Africa for the first quarter of 2021.
It ended the quarter with a 0.6% appreciation against the dollar since the start of the year.
The performance of the Ghanaian cedi against the dollar in the first quarter of this year is similar to its performance in 2020.
Ghana cedi has been graded
among 15 major African currencies including the Egyptian pound, the Nigerian naira and the South African rand.
Databank Research senior economic analyst Courage Martey reportedly told Joy Business that “the Ghanaian cedi ended the first quarter of 2021 with another impressive performance, similar to what it did in the first quarter of 2020. You yourself will remember it. 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 this made it the second most resilient currency in our basket of 15 African currencies, only behind the Egyptian pound.
He is further quoted as saying
“It’s quite impressive, compared to the fact that the pandemic has yet to give way, so there is still so much uncertainty in the global financial market space.”
“A huge thank you to the intervention measures of the Bank of Ghana, particularly in the forward foreign exchange market, but the significant inflows of foreign portfolio investment into the bond market, especially during this year, have greatly increased. encouraged the Ghanaian cedi to put in place the kind of performance we are seeing in the first quarter of 2021 ”.
Performance
Ghana cedi 0.55%
Egyptian Pound 0.18%
Nigerian Naira 0.00%
Tanzania shilling 0.00%
Kenyan shilling -0.31%
—DGN online
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