A remarkable evaluation of Ghana’s currency, cedi, in the first quarter of 2021, ended a year- to-date appreciation of 0.6% against the dollar; similar to its performance in 2020.
Similarly, Ghana Cedi topped the list among fifteen (15) important African currencies; including Egyptian pound, Nigerian naira and South African rand.
This was confirmed by a Senior Economic Analyst at Data Bank Research, Courage Martey. He said, “the Ghana Cedi ended the first quarter of 2021 with yet another impressive performance similar to what it did in the first quarter of 2020.
“You will recall, in the first quarter of 2020, the local currency ended the quarter with an appreciation of almost 1.7% against the United States dollar; and that made it, the second most resilient currency in our basket of the 15 African currencies – only behind the Egyptian pound.
He further said: “It is quite impressive, against the fact that the pandemic has not yet given way, so there is still so much uncertainties within the global market space.
“Immense thanks to the Bank of Ghana’s intervention measures; particularly on the FX forward market. But, the significant inflows of foreign portfolio investments into the bond market, especially during the course of this year has been significantly supportive of the Ghana Cedi to put up the kind of performance we are seeing in the first quarter of 2021.”
Lolo Ijeoma Njoku reporting, Obinwannem News
