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Ghana's Cedi Jumps more than 40% against the US dollar

Taarek Refaat 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