Ghana's local currency has ended the first quarter of 2021 on a high note with a year-to-date appreciation of 0.6 per cent to the US dollar. This means the Ghanaian cedi has outperformed some other prevalent 15 currencies in Africa, making it the best performing currency. According to a Joy Business report monitored by GhanaWeb, the cedi's performance is almost similar to that of 2020. Explaining the reasons for the cedi's performance, Senior Economic Analyst at Databank Research, Courage Martey, said, "the Ghana cedi ended the first quarter of 2021 with yet another impressive performance, similar to what it did in the first quarter of 2020." Martey attributed the cedi's strong performance due to the Bank of Ghana's intervention measures, particularly in the Forex (FX) Forward market.

Source: GhanaWeb April 05, 2021 06:11 UTC