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.'
read more
CBE: Deposits in Local Currency Hit EGP 5.25 Trillion
Morocco Plans to Spend $1 Billion to Mitigate Drought Effect
Gov't Approves Final Version of State Ownership Policy Document
Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister
Qatar Agrees to Supply Germany with LNG for 15 Years
Business
Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves
Business
Suez Canal Records $704 Million, Historically Highest Monthly Revenue
Business
Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday
Business
Wheat delivery season commences on April 15
News
Egypt confirms denial of airspace access to US B-52 bombers
News
Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia
News
Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content
Arts & Culture
Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized
Sports
Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer
Sports
Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers
News
Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies
Arts & Culture
New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple
Business
Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War
Arts & Culture
Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
See - Sada Elbalad
an hour ago
- See - Sada Elbalad
Saudi, Ethiopian FMs Discuss Bilateral Ties, Regional Developments
Nada Mustafa Saudi Foreign Minister (FM) Prince Faisal bin Farhan bin Abdullah held a phone call on Saturday with Ethiopian Foreign Minister Gedion Timotheos to discuss bilateral relations and ways to strengthen them. According to Saudi Press Agency (SPA), the two ministers also discussed regional developments and the efforts being made to address them. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs Sports Get to Know 2025 WWE Evolution Results News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" Arts & Culture Hawass Foundation Launches 1st Course to Teach Ancient Egyptian Language
See - Sada Elbalad
an hour ago
- See - Sada Elbalad
Egypt Marks Suez Canal 69th Nationalization Anniversary.. Reaffirms Commitment to Global Supply Chain Sustainability
Taarek Refaat Osama Rabie, Chairman of the Suez Canal Authority (SCA) reaffirmed the canal's strategic role in global trade and its commitment to sustainable and secure navigation, as Egypt marks the 69th anniversary of the nationalization of the Suez Canal. In remarks delivered during a commemorative ceremony, Rabie highlighted the canal's ongoing adherence to international conventions governing free maritime navigation, while underscoring Egypt's unwavering sovereignty over the waterway. 'We are committed to upholding our pivotal role in ensuring sustainability across global supply chains, and we operate in accordance with international charters and treaties, without compromising Egyptian sovereignty,' Rabie stated. The Suez Canal was nationalized on July 26, 1956, a landmark moment in Egypt's modern history that asserted national control over one of the world's most vital maritime corridors. Rabie praised the generations of Egyptian leaders and workers who have managed and modernized the canal since that time. 'We salute the pioneers who led the nationalization and laid the foundations of development. We continue their mission with more dedication and achievement,' he said. The SCA chief noted that canal operations are governed by a robust legal framework, particularly the Navigation Regulations and the 1888 Constantinople Convention, which guarantees freedom of navigation through the canal for all vessels in both peace and wartime. Under Egypt's stewardship, the canal has seen continuous upgrades to maintain its status as the shortest, fastest, and safest maritime route between East and West. Rabie pointed to recent development projects that have enhanced the canal's capacity, navigational safety, and competitiveness. Rabie also extended his gratitude to all SCA personnel and canal pilots, relaying personal appreciation from President Abdel Fattah el-Sisi. He emphasized the professionalism of the canal's pilots, describing them as exemplary ambassadors of Egypt. 'Our pilots have consistently risen to the challenge, demonstrating exceptional dedication under all circumstances. Their professionalism ensures the safety and sustainability of navigation through the canal,' he added. As global shipping continues to face mounting challenges, from geopolitical disruptions to climate-related vulnerabilities, the Suez Canal remains a critical artery for international trade, handling over 12% of global commerce annually. Egypt's reaffirmation of its commitment to international maritime norms, coupled with continued investment in canal infrastructure, is seen as a signal to global partners that the Suez Canal will remain a reliable, neutral, and efficient trade route in an increasingly complex world. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs Sports Get to Know 2025 WWE Evolution Results News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" Arts & Culture Hawass Foundation Launches 1st Course to Teach Ancient Egyptian Language
See - Sada Elbalad
an hour ago
- See - Sada Elbalad
The Role of the United Nations in Climate Action
walid mohamed The United Nations plays a central role in the global response to climate change. Through its climate framework, especially the United Nations Framework Convention on Climate Change (UNFCCC), it brings countries together to set goals, negotiate agreements, and monitor progress. The UN organizes annual climate conferences, known as COP (Conference of the Parties), where world leaders, scientists, activists, and organizations collaborate to reduce greenhouse gas emissions, adapt to climate impacts, and support developing countries with climate finance. The Paris Agreement (adopted in 2015 under UN leadership) is one of the most important outcomes, aiming to limit global warming to below 2°C. Beyond conferences, the UN also supports climate research, promotes renewable energy, and helps countries build resilience through sustainable development programs. In summary, the United Nations acts as a global platform for cooperation, ensuring that climate action is fair, inclusive, and science-based. read more Analysis- Turkey Has 0 Regional Allies... Why? Analysis: Russia, Turkey... Libya in Return For Syria? Analysis: Who Will Gain Trump's Peace Plan Fruits? Analysis: Will Turkey's Erdogan Resort to Snap Election? Analysis: What Are Turkey's Aspirations in Iraq? Opinion & Analysis Analysis: Mercenaries In Libya... Who Should Be Blamed? Opinion & Analysis Analysis- How 'Libya Nightmare' Takes Erdogan to Algiers Opinion & Analysis Analysis: What Happens After Brexit? Opinion & Analysis Analysis: Strategic Significance of Libya's Sirte, Jufra! News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs Sports Get to Know 2025 WWE Evolution Results News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" Arts & Culture Hawass Foundation Launches 1st Course to Teach Ancient Egyptian Language
