The Ghana Cedi Has Emerged Best Currency In Africa For The First Quarter Of 2021

source: pulse
93

The Ghana cedi has emerged best currency in Africa for the first quarter of 2021. This year's first-quarter performance of the Ghana cedi against the dollar is similar to its 2020 performance. The Ghana cedi was ranked among 15 important African currencies including the Egyptian pound, Nigerian naira and South African rand. A Senior Economic Analyst at Databank Research, Courage Martey, is reported to have told Joy Business that “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 that in the first quarter of 2020, the local currency ended the quarter with an appreciation of almost 1.7% against the US dollar and that made it the second most resilient currency in our basket of 15 African currencies, only behind the Egyptian pound.” He is further quoted as saying “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 financial 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”. Ghana cedi 0.55% Egyptian pound 0.18% Nigerian naira 0.00% Tanzania shilling 0.00% Kenya shilling -0.31%

NB: Stories are shared by community members. The article does NOT represent the official view of NaijaWorld and the author is SOLELY RESPONSIBLE for this article
Comments

About Us
Join the discussion. Share and discuss posts with other naijaworlders.
Related Stories
thumbnail
Shun Politics Of Acrimony, Buhari Advises Oshiomhole At 69
thumbnail
APC Vs PDP: VIDEO Of Sen. Rochas Okorocha & Gov. Wike Dancing At Function
thumbnail
Defections: Stop Poaching Our Governors, PDP Tells APC
thumbnail
Nigerians Will Be Going To Buy Loaf Of Bread Like This With Tinubu As President
thumbnail
SW PDP: Eleka Congratulates Arapaja, Hails Makinde, Fayose, Olafeso
thumbnail
Kayode Fayemi: Nigeria Lacks Proper Parties
thumbnail
“Nigeria Is Not Worth Dying For, They Would Continue To Be In Backwardness”
thumbnail
Seyi Makinde “Quiet But Deadly,” Fayose Alleges
thumbnail
Igbos, Yoruba Don’t Want Biafra, Oduduwa Nation- Sani[ACF Scribe]
thumbnail
The Needless Brouhaha Over Akwa Ibom APC Leadership
Related Stories
thumbnail
Shun Politics Of Acrimony, Buhari Advises Oshiomhole At 69
thumbnail
APC Vs PDP: VIDEO Of Sen. Rochas Okorocha & Gov. Wike Dancing At Function
thumbnail
Defections: Stop Poaching Our Governors, PDP Tells APC
thumbnail
Nigerians Will Be Going To Buy Loaf Of Bread Like This With Tinubu As President
thumbnail
SW PDP: Eleka Congratulates Arapaja, Hails Makinde, Fayose, Olafeso
thumbnail
Kayode Fayemi: Nigeria Lacks Proper Parties
thumbnail
“Nigeria Is Not Worth Dying For, They Would Continue To Be In Backwardness”
thumbnail
Seyi Makinde “Quiet But Deadly,” Fayose Alleges
thumbnail
Igbos, Yoruba Don’t Want Biafra, Oduduwa Nation- Sani[ACF Scribe]
thumbnail
The Needless Brouhaha Over Akwa Ibom APC Leadership