GHANA’S cedi, the best-performing currency this year against the US dollar.
The currency of the world’s second-largest producer of cocoa has grown by 3.4 percent in 2020, the largest of the more than 140 currencies reported by Bloomberg, a turnaround from last year when it declined by 13 percent.
According to Nana Yaa Faakye, Head of Treasury at Republic Bank Ghana Ltd., the coronavirus epidemic and the latest lunar holiday in China have limited travel and trade, reducing demand for foreign currency from Ghanaian importers. The West African country completes a series of meetings with foreign bond investors for selling of Eurobonds of as much as $3 billion.
Market reforms, including the launch since October of forward-rate foreign exchange auctions with this year’s goal of $715 million, are another consideration in support of cedi gains.