The Ghanaian cedi has emerged the best currency in Africa for the first quarter of 2021, according to data from Databank Research.
Ghana ended the first quarter March 31st with a year to date appreciation of 0.60 percent against the dollar.
While Nigeria’s Naira ended the quarter with 0.0 percent, exchanging at N382.5 as at March 31 from 381.48 it opened the year.
The Ghana cedi was ranked among 15 important African currencies including the Egyptian pound, Nigerian naira and South African rand.
Speaking on the data, a Senior Economic Analyst at Databank Research, Courage Martey, described Ghana cedi performance as impressive which he says is similar to what it did in the first quarter of 2020.
“You will recall that in the first quarter of 2020, Ghana currency ended the quarter with an appreciation of almost 1.7 percent against the US dollar and that made it the second most resilient currency in our basket of 15 African currencies, only behind the Egyptian pound.”
“It is quite impressive, against the fact that the pandemic has not yet given way so there is still so much uncertainties within the global financial market space,” he said.
Performance of some selected Africa currencies according to Databank
Ghana cedi 0.55%
Egyptian pound 0.18%
Nigerian naira 0.00%
Tanzania shilling 0.00%
Kenya shilling -0.31%
Join the conversation
INVESTIGATION… Ten years after, communities count losses as AfDB, Cross River govt abandon road project
Ten years after the Cross River State government and African Development Bank (AFDB) jointly awarded the Yahe-Wanokom-Wanikade-Benue border road for...
INVESTIGATION….N.3bn down the drain: Why water projects for Enugu communities don’t work
In this concluding part, ARINZE CHIJIOKE talks about some of the projects that are serving the people and how various WASH programmes have failed to tackle...
INVESTIGATION…PARKVIEW ESTATE: Exclusive images of how billionaire property developer incurred Lagos govt‘s anger
Many have seen the demolished building, but not many know the circumstances that led to the teardown of the about...
INVESTIGATION… N.3bn down the drain, as Enugu communities suffer from dry taps
In November 2020, three organizations and the Enugu State government celebrated the completion of N300 million worth of projects that were expected...
INVESTIGATION… How herdsmen crisis compounds woes of already deprived Ogun communities
Earlier in January, the Nigerian media space was awash with reports of violence between herders and farmers across the country....