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Ghana Cedi beats Emefiele’s Redesigned Naira Notes to Emerge as best performing currency in the world

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“From zero to hero”: Ghana cedi emerges best-performing currency in the world

Following five consecutive days of impressive performance against the US dollar, the Ghana Cedi, ghanaian official currency is on the road to recovery.

The outcome coincides with Ghana’s plan to restructure its domestic debts.

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Hope as Ghana approaches obtaining $3 billion from the IMF

The increase in currency value coincides with hopes that the country will receive the $3 billion bailout it has been requesting from the International Monetary Fund (IMF) for months.

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According to the reports, the cedi increased 10% over the previous five days, posting the largest gains out of 150 currencies.

The news represents a turnaround for a currency that has fallen to the bottom of the index since 2022 and has lost half of its value.

The cedi had the worst performance and was the cheapest in Africa last week, undervaluing it by more than 30% compared to its 25-year history.

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In October, it was recognised as the currency with the worst performance worldwide.

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Ghana Cedi devaluation causes unrest

The news sparked demonstrations across Ghana, and protesters made their way to Parliament, where several lawmakers demanded the dismissal of Ken Offori-Atta, the finance minister, who was later confirmed by a vote.

The currency rose to 12.9648 to the dollar on Friday, December 10, 2022, the highest level since October, but it is still down 52% for the year.

Other top-performing currencies this week include the Chilean peso, Chinese yuan, Vietnamese dong, and Costa Rican colon.

Ghana cedi depreciates to 11,250 to the dollar, making it the worst currency in the world.

While Nigerians are lamenting the poor performance of their local currency, the naira, which on Monday, October 17, 2022, was worth N741 per dollar, Ghana’s cedi, their West African neighbour, was named the worst-performing currency in the world.

Ghana cedi plunged to become the worst-performing currency in the world in 2022 as investors continued to pour money into the nation as it got closer to a deal with the IMF (IMF).

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On Monday, October 17, 2023, the cedi dropped as much as 3.3%, trading for 11.2750 cedis per dollar as of Monday afternoon in Accra, the nation’s capital.

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