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The Ghana cedi has performed fairly well compared to other African currencies. The cedi was ranked 8th among Africa’s top currencies in August 2021. Within the period, the cedi depreciated by 1.30% to the US dollars.
Meanwhile, the cedi appreciated against the US dollar in the first half of the year.
The Ghana cedi was displaced from its 8th position by the Namibian dollar, following an improved performance against the American currency in September 2021.
The report showed that the Zambian Kwacha is the number currency on the continent. It appreciated 28% to the US dollar.
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It is followed by the Ugandan shilling and the Egyptian Pound. Both appreciated by 3.1% and 0.14% in value respectively to the American currency.
Meanwhile, the cedi is expected to gain some value to the US dollar following the coming in of the first tranche ($750m) of the $1.5 billion Cocoa Syndication Loan.
The Cocoa Syndication Loan is expected to hit the account of the Bank of Ghana next week. This will help reduce the recent pressure on the local currency.
Rankings of the top 15 African currencies below;
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Top African currencies