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The Ghana cedi has become the best currency in Africa for the first quarter of 2021.
It ended the quarter with an annual appreciation of 0.6% against the dollar.
This year’s first quarter performance of the Ghana cedi against the dollar is similar to the 2020 performance.
Ghana’s cedi qualified
Among the 15 major African currencies which include the Egyptian pound, the Nigerian naira and the South African rand.
A Databank Research senior economic analyst, Courage Martey, is reported to have told Joy Business that “Ghana’s cedi ended the first quarter of 2021 with another impressive performance, similar to what it had in the first quarter of 2020. 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 resistant currency in our basket of 15 African currencies, only behind the Egyptian pound ”.
Furthermore, he is quoted as saying
“It is quite impressive, considering the fact that the pandemic has not yet subsided, so there is still so much uncertainty in the global financial market space.”
“A huge thank you to the Bank of Ghana’s intervention measures, particularly in the forward foreign exchange market, but the significant inflows of foreign portfolio investments into the bond market, especially during the course of this year, have significantly supported to the Ghana cedi to deliver the performance we are seeing in the first quarter of 2021 ”.
Performance
Ghana yielded 0.55%
Egyptian pound 0.18%
Nigerian naira 0.00%
Tanzanian Shilling 0.00%
Kenyan Shilling -0.31%
—DGN online
