The Ghanaian currency is on track to recover after posting impressive results against the US dollar for five days in a row.
The result comes amid Ghana’s plan to reorganise its local debts.
According to Bloomberg, the rise in the currency value comes alongside hopes of realising a $3 billion bailout the country requested from the International Monetary Fund (IMF) for months.
According to the reports, the cedi rallied 10 per cent in the past five days, the biggest gain among the 150 currencies Bloomberg tracked.
Business Insider reports that the news means a turnaround for a currency that lost half of its value since 2022 and occupied the bottom slots in the index.
Last week, the cedi was the worst-performing and cheapest currency in Africa, undervalued by more than 30 percent compared to its 25-year history.
The currency was named the world’s worst-performing currency in October.
The news sparked protests across Ghana with protesters making their way to the Parliament where several lawmakers started calling for the removal of the finance minister, Ken Offori-Atta who was later voted to remain.
On Friday, December 10, 2022, the currency advanced to 12.9648 to a dollar, the strongest since October but it is still down by 52 per cent this year.
