Ghana's Cedi Jumps more than 40% against the US dollar
Ghana's cedi has jumped more than 40% against the US dollar this year, far outperforming its African and emerging market peers, reducing the country's external debt burden and giving it more fiscal breathing room.
MarketScreener reported today that the rally, which surprised some investors, represents another much-needed boost for the West African nation as it works its way back from a debt default and economic crisis.
In total, the cedi has risen 42% against the dollar since January, trading near 10.20 to the dollar on Wednesday morning.
"We have reduced our total debt over the past five months by about 150 billion cedis, which is very significant," Ghanaian President John Mahama said during a session during the annual meeting of the African Development Bank in Abidjan this week, citing the strength of the cedi.
If this trajectory continues, the target of reaching 55-58% debt sustainability by 2028 will be achieved by the end of this year, which means it begins to give us fiscal space to start investing in the most productive sectors of the economy.'
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