Ghana, currently the world’s second-biggest cocoa producer strengthened its currency by 3.9% in 2020, the most among more than 140 currencies tracked by Bloomberg, a turnaround from last year, when it weakened 13%.
This made Ghana’s cedi, the world’s best-performing currency against the dollar this year.
According to Nana Yaa Faakye, Head of Treasury at Republic Bank Ghana Ltd, Ghana is concluding a series of meetings with international bond investors Monday for a sale of as much as $3 billion in Eurobonds.
“With the impending Eurobond issuance, which is likely to increase foreign reserves, some buyers are betting that the cedi will strengthen further,”
Nana Yaa Faakye said.
This is news comes after Moody’s recent positive rating of the government’s economic management.
“This (Moody’s ratings) certifies the results achieved so far from the first three years of economic recovery, and what the managers of the economy embarked upon. Contrary to the attempts by some to run down Ghana’s recent economic gains, this is further evidence that global economic watchers who are examining our economic data see clearly that Ghana’s economy is back on track and the future looks even better on this path. This outlook in improvement, is further evidence that all, including the global economic community, is clear in its mind and expectations that Ghana staying on this economic management track has a very positive outlook. Things can only continue to get better.”
Vice President Bawumia, Head of the Government’s Economic Management Team, said Moody’s positive international rating proves the great work the country’s economic management team has done.
