IMF deal: Bloomberg ranks cedi as world’s best performer
18th May 2023
The Ghanaian cedi has been ranked as the world’s best performing currency.
According to Bloomberg, the local currency outperformed all other major global trading currencues against the US dollar over the past six months.
The strong showing of the cedi has been attributed to the securing of the Intetnationak Monetary Fund (IMF) executive board approval for a $3 billion bailout package for the country.
Bloomberg’s currency tracker also added that the cedi’s remarkable 33% gain since November makes it the highest among approximately 150 tracked currencies.
Analysts believe the performance of the cedi is expected as invetsor confidence appears to be returnoing to the country following the approval of the financial package.