Performance Of Africa Currencies In 2021, See The Ghana Cedi Position

Early this afternoon, Joy News reports on how the American Global Economic Agency – Bloomberg surveyed the performance of Africa currencies on the World market, and what they come up with was a bit shocking as the Ghana Cedi hits the 14th position with the worst spot returns in 2021.

Per the reports, it was revealed that only seven Africa currencies had the best spot returns as of 201.

Thus the Zambian Kwacha takes the 1st position with 26.74% spot returns as of 2021 followed by Angola Kwanza 17.61%, Mozambique New Metical 16.76%, Guinea Franc 7.24%, Uganda Shilling 3.09%, Tanzania Shilling 0.61%, and Egyptian pound 0.15%.

Per the reports also, it was revealed that the local currency which is the Ghana Cedi didn’t do well in value as they lost 4.98% against the US dollar in 2021.

Although being ranking 3rd in West Africa, in terms of performance, the Cedi hits the 14th position with the worst spot returns of -4.98% in Africa despite a rebound in oil prices, improved exports, impressive run during the first half of the year and amongst others.

So the question asked, is there any promising future for local currency?.

Terms Definition:

Spot Returns refers to the returns price of a security or commodity at which it sold for a period.

Source: Joy News

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