An International Organisation, Bloomberg has described the Ghana cedi as the best performing currency against the US dollar.

According to Bloomberg, the cedi performed the best against the dollar this week after being compared to almost 150 different currencies worldwide for the past 5 days.

It will be recalled that the Ghana cedi, which lost 45.1% of its value against the US dollar this year, was tagged by Bloomberg as the worst-performing currency in the world on October 17, 2022.

However, the Ghana cedi has witnessed an overwhelming appreciation in value against the dollar.

Currently, the local currency is being sold by forex bureaus at an average of ¢12.80 to the US dollars.

The Ghana cedi has also improved in value against other significant international currencies like the pound and the euro.

The Euro and the Pounds are trading at ¢12.85 and ¢15.00 respectively.

The Ghana cedi for the past weeks had been comparatively steady against the dollar. On the retail market, it increased by 3.12% against the dollar, 0.88% against the pound, and 3.79% against the euro.

The current appreciation of the Ghana Cedi has been attributed to Ghana's Debt Restructuring Programme.

Source: The Independent Ghana