Recent Ghana Cedi Gains Against US Dollar Doesn't Mean It Is the Strongest - Economist | Economy

An Economist, Dr. Francis Tandoh has said that for the cedi to be tagged as the best performing currency against the US dollar is recognizable and has to be appreciated but it doesn't mean that it is the strongest worldwide.

Ghana's currency took the title of the world's best performer against the dollar last week amid optimism the debt-distressed country is moving closer to unlocking an International Monetary Fund (IMF) bailout.

After the cedi was compared to some 150 currencies across the globe, the cedi emerged as the best performing currency against the dollar last week as tracked by Bloomberg.

That is a turnaround for an exchange rate that had lost half of its value this year and occupied the bottom slot in the charts.

He said this significant change is applaudable because within the time frame it depreciated by 58% value and has recovered to its equilibrium, moving to the level where the cedi actually belongs.

Dr. Francis Tandoh therefore made it known in an interview with Peace FM News that judging from the way the Ghana cedi is rising after the irregular fall, it can be classified as the best currency but not the strongest currency.