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Ghana’s currency becomes the best performing in the world against the US dollar despite the debt crisis


https://sputniknews.com/20221210/ghanas-currency-becomes-worlds-best-performer-against-us-dollar-despite-debt-crisis-1105294848.html

Ghana’s currency becomes the best performing in the world against the US dollar despite the debt crisis

Ghana’s currency becomes the best performing in the world against the US dollar despite the debt crisis

The Ghana cedi rallied, making it the best currency of 150 countries around the world, as well as the world’s best performer against the US dollar this week.

2022-12-10T08:52+0000

2022-12-10T08:52+0000

2022-12-10T08:54+0000

Africa

West Africa

Ghana

currency

american dollars

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The Ghana cedi rallied, making it the best currency of 150 countries around the world as well as the best global performer against the US dollar this week. However, the country still faces the worst economic crisis in a generation, fomented by debt, according to US media. Over the past five days, the cedi, which has lost more than 50% of its value to the US dollar this year, has risen 10%, marking its strongest growth since October. The cedi per US dollar exchange rate fell from 14.10 cedis to the dollar on Monday, December 3, to less than 12.9 cedis to the dollar on Friday, December 9. The cedi’s growth comes as the Ghanaian government strives to restructure the country’s general debt. , which is valued at 467.4 billion cedis ($37.4 billion), proposing a plan to swap around 137.3 billion Ghanaian cedis ($10.5 billion) in local bonds for news, while seeking help from the International Monetary Fund (IMF) to restructure Meanwhile, global economy expert Charles Robertson said the cedi’s strong performance was “not so surprising” as the currency lost “more than 30% undervaluation compared to its 25-year history last week”. An IMF delegation travels to Accra to agree a loan agreement. In July, the Ghanaian government announced that it was considering a three-year IMF program potentially worth between $2 billion and $3 billion.

Africa

West Africa

Ghana

2022

Mohammad Osman

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Mohammad Osman

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ghanaian cedi, ghanaian cedi rallied, best performer in the world against us dollar, ghana, cedi

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In October 2022, the Bank of Ghana revealed that the West African country’s public debt was 467.4 billion cedis ($37.4 billion), of which 42% is domestic debt, payments of interests consuming between 70 and 100% of public revenues. Currently, Ghana is taking steps to refinance its debt, seeking assistance from the International Monetary Fund.

The Ghana cedi rallied, making it the best currency of 150 countries around the world as well as the best global performer against the US dollar this week. However, the country still faces the worst economic crisis in a generation, fomented by debt, according to US media.

Over the past five days, the cedi, which has lost more than 50% of its value to the US dollar this year, has risen 10%, marking its strongest growth since October. The cedi per US dollar exchange rate fell from 14.10 cedis to the dollar on Monday, December 3, to less than 12.9 cedis to the dollar on Friday, December 9.

The cedi’s growth comes as the Ghanaian government seeks to restructure the country’s general debt, which is valued at 467.4 billion cedis ($37.4 billion), by proposing a swap plan of about 137.3 billion Ghana cedis ($10.5 billion) in local bonds for new, while seeking assistance from the International Monetary Fund (IMF) to restructure external debt.

Commenting on the notable growth of the Ghana cedi, Simon Quijano-Evans, the chief economist of Gemcorp Capital Management Ltd. in London, was quoted by US media as saying the achievement was “a combination of a bit more hawkish central banking, some progress on the restructuring front and a bit of news buying.

Meanwhile, global economics expert Charles Robertson said the cedi’s strong performance was “not so surprising” as the currency lost “more than 30% undervalued over its 25-year history. last week”.

An IMF delegation is visiting Accra to agree on a loan agreement. In July, the Ghanaian government announced that it was considering a three-year IMF program potentially worth between $2 billion and $3 billion.



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