Ghana Cedi Outperforms Other Currencies Against Dollar Ahead Of Disbursement of IMF Cash
- The Ghana cedi has been found to be performing strongly against the US dollar over news that Ghana's IMF bailout request will be successful
- Bloomberg for instance says the local currency has made a remarkable 33% gain since November last year
- Currently, the Ghana Association of Forex Bureau Operators quotes a GH¢11 selling price for $1 and a GH¢10 buying price
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Currency trackers have identified that the Ghana cedi is outperforming other international trading currencies against the dollar following news that the IMF Board has okayed Ghana's request for a $3 billion bailout.
Bloomberg reports that its currency tracker has detected that Ghana's local currency has made a remarkable 33% gain since November.
According to the report, this marks the highest among approximately 150 tracked currencies.
"Investors have also enjoyed strong returns from Ghana’s dollar bonds, delivering nearly 12%, surpassing the 3.6% average for emerging and frontier markets in a Bloomberg index," Bloomberg explained.
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Analysts believe the positive sentiment surrounding the news that the first part of the $3 billion loan, some $600 million, will arrive this week has contributed to the cedi's good showing.
The Ghana Association of Forex Bureau Operators quotes a GH¢11 selling price for $1 and a GH¢10 buying price for a dollar. Last week, $1 sold for about GH¢12.
IMF to grant Ghana's request for $3bn loan after securing assurance under G20 common framework
Meanwhile, YEN.com.gh has reported that Ghana is on track to receive $600 million this week, representing the first part of the total $3 billion loan from the IMF.
This milestone was achieved after Ghana secured the assurance under G20 Common Framework.
The G20 Common Framework deals with the implementation of an IMF-supported reform programme for low-income countries, among other things.
Steve Hanke slams Akufo-Addo as "master of economic mismanagement"
However, Professor Steve Hanke has slammed Nana Akufo-Addo for mismanaging Ghana's economy.
The applied economist has described Ghana's president as the master of economic management in a tweet on May 15, 2023.
The academic at US-based John Hopkins University said he is not surprised that Ghanaians have lost hope in the direction Ghana is heading.
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