Cedi Depreciation: Finance Ministry ‘Celebrates’ Local Currency’s Recent Gains Against US Dollar

• The ministry of finance says the cedi is on course to make a robust recovery against the US dollar
• The ministry on its Twitter handle noted the recent gains and tagged the cedi as a strong currency
• This follows a Bloomberg report which indicated that the cedi had moved from the worst to the best performer against the US dollar

The recent gains of the Ghanaian cedi against the US dollar have generated exciting reactions from government officials.

The ministry of finance is the latest of such to celebrate the strength of the cedi.

Finance Ministry Notes Recent Gains By Cedi Against Dollar

In a social media post, the ministry noted the recent wins by the local currency which has been endorsed by a Bloomberg report.

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Ghanaian cedi moves from worst to best performer against US dollar

The Twitter post on the official handle of the finance ministry showed an extract from the Bloomberg article showing the gains.

The image accompanied by #StrongCedi and #RobustRecoveryAhead hashtags showed that the cedi had posted the biggest weekly advance against the US dollar, with about 10%.

Some netizens reacted to the post by the finance ministry.

@DominantTrade

The appreciation in the cedi is not because something changed in the cedi. The change happened in the dollar as it has seen some weakness recently. What you see in the cedi is what is called a pullback in forex trading terms. The continuation will be explosive.

@ghana_tomorrow

Well done..but what's the benefit as prices of goods and services are still up just as it was when the rate was around 15.9 ghc.

@leighmanny

Hmmm Good for us all , but Sika Mepe Dede ,,,

@kasadu222

Focus on restructuring the economy and stop basking in an occurrence which you probably have no influence over. You guys have failed

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Ghana under Akufo-Addo behaves like rich sultanate in the gulf - Bright Simons

@jowusupaddy1

weirdly, all these countries have a better GDP. NPP Government, always trying to mislead the population

Cedi Depreciation: Local Currency Moves From Worst To Best Performer Against US Dollar

Earlier, YEN.com.gh reported that Bloomberg had tagged the Ghanaian cedi as the best-performing currency against the US dollar.

This comes after the local currency was compared to some 150 currencies across the globe.

The results indicate that the cedi emerged as the best-performing currency against the dollar after it appreciated in value for 5 straight days.

Source: YEN.com.gh