Ghana’s cedi currency has jumped more than 40% against the US dollar this year, far outperforming its African and emerging market peers, shrinking the cost of the country’s foreign debt and giving it more fiscal breathing room.
The rally, which has surprised some investors, is another much-needed boost for the West African nation as it claws its way back from debt default and a punishing economic crisis.
According to LSEG data, the cedi has gained 42% against the dollar since January and was changing hands near 10.20 to the greenback on Wednesday morning.