The Ghana cedi has been ranked as the 4th best-performing currency in Africa, according to the Forbes Currency Converter. With a year-to-date gain of approximately 30%, the local currency has demonstrated remarkable stability and strength, trading at GH¢10.42 against the US dollar.

Top Performing Currencies in Africa:

- 1st: Tunisian dinar, the best-performing currency on the continent

- 2nd: Libyan dinar

- 3rd: Moroccan dirham

- 4th: Ghanaian cedi

Other top-performing currencies include the Botswana pula, Seychellois rupee, Eritrean nakfa, South African rand, Lesotho loti, and Namibian dollar, ranking 5th to 10th, respectively.

The cedi's recent performance can be attributed to Ghana's improved macroeconomic environment and strong international reserves, covering over four months of imports. The International Monetary Fund (IMF) has also praised Ghana's ongoing fiscal and structural reforms under the $3 billion Extended Credit Facility (ECF) program.

The IMF has expressed confidence in Ghana's economic prospects, stating that the country's corrective measures will support economic stabilization, rebuild resilience, and foster higher and more inclusive growth. The Fund has also acknowledged Ghana's commitment to restoring fiscal discipline and addressing structural weaknesses.

With these positive developments, the Ghana cedi is expected to maintain relative stability against the US dollar and other major foreign currencies in the coming months.

Source: Lead News Online/Forbes