Bond market endorses Ghana as cedi surges to best-performing currency in the world
The cedi is the best-performing currency in the world in 2020
Midway through the final quarter of 2019, investors looking at Ghana saw a slowing economy, creeping inflation and a currency that had declined against the dollar for 25 straight years. Barely six weeks into the new year, the picture has changed.
The cedi is the best-performing currency in the world in 2020, investors fell over their feet to buy into the nation’s $3bn Eurobond issue, and foreigners are piling into the country’s local-currency debt. Investors who worried this past year about spending ahead of an election scheduled for December are now lauding the government for fiscal prudence and financial reforms...
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