President John Dramani Mahama has told investors at the 9th Tokyo International Conference on African Development (TICAD IX) that the Ghanaian cedi has become the world’s best-performing currency, as he admonished them to bring investment into Ghana.
“For those of you who know the history of the Ghanaian Cedi, it’s been one of the most volatile currencies in Africa, and a few years back, we were said to be the worst-performing currency. I’m happy to announce that this year, the Ghana Cedi has been the best-performing currency in the world,” he said.
The president also cited falling inflation, recent sovereign credit upgrades as evidence of Ghana’s turnaround and its readiness for doing business.
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“Inflation rose to a high of almost 23% in 2024, and it’s currently down to 13.7% and we expect that by the end of the year to hit single digit. We’ve been upgraded from junk status to B minus with a stable outlook, and I’m certain that in the next review, we’re going to be upgraded again,” he said.
For most of May and June, the cedi has seen a strong performance against the US dollar, with the Bloomberg analysis noting it’s the world’s best-performing currency.
The President and his delegation at the Tokyo Conference aim to use the forum to attract much-needed investment into Ghana.