Ghana’s Cedi Becomes World Beater on IMF Bailout Approval Wagers
- IMF board to meet on Ghana Wednesday to review request
- Cedi gained 33% in the past six months to beat global peers
A trader counts Ghana cedi banknote at a food market in Accra, Ghana.
Photographer: Ernest Ankomah/BloombergThis article is for subscribers only.
Ghana’s currency has become the world’s best performer against the dollar over the past six months as investors bet the nation is on the brink of securing International Monetary Fund board approval for a $3 billion bailout.
The cedi has advanced 33% since November, the biggest gain among about 150 currencies tracked by Bloomberg. Ghana’s dollar bonds have delivered a strong performance too, providing investors with a return of almost 12%, more than the 3.6% average for emerging and frontier peers in a Bloomberg index.