Global financial news, research and data organisation Bloomberg, don yan say Ghana cedi be di best performing currency against di US dollar for di world for start of 2020.
According to wetin Bloomberg tok e don say dat currency of Ghana, di world’s second-biggest cocoa producer strengthen by 3.9% in 2020, di strongest for over 140 currencies wey dem dey track.
Dem don explain say dis na massive turnaround from last year, when e di Ghana cedi weaken by up to 13%.
Latest move wey go make di cedi dey stronger b di successful 2020 sale of $3 billion Ghana Eurobond wey investors oversubscribe by almost 350%.
Financial analysts say de favourable ratings of de Ghanaian economy by Moody which attract investors go also make de Ghana cedi even stronger as de year dey go.
Economist for University of Ghana, Professor Godfred Bokpin talk BBC Pidgin say “Bank of Ghana sheda plan for dis from de second half of last year where dem start dey build dema reserve ahead of 2020 sake of e be election year.”
“Sake of that wey de cedi no perform well last year. So dem build dema reserves in order to manage dema exposure in 2020 which be election year” he add.
He explain say, e be possible say dem fit sustain dis cedi performance sake of dem just raise $3 billion Eurobond, also cocoa loans dey ahead of de year which all go help sustain de cedi en performance.
According to Professor Bokpin, if you look at di first 28 days of di year den di data wey dey right now, den you fit talk say di cedi so far b di best performing currency for di world against di dollar.
“Election fever dey feed into de depreciation of de cedi, so central no wan make dis happen that be why dem strengthen dema reserves” explain.
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