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Ghana Cedi placed 14th Among League Of African Currencies In 2021

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Africa’s Top Currencies: Ghana's Cedi Places 9th Position
The Ghana cedi placed 14th among the league of African currencies in 2021, despite an impressive run during the first half of the year, Bloomberg tracking of African currencies has revealed.

However, the local currency was classified among the currencies with the ‘worst spot returns’.

According to Bloomberg, the cedi lost 4.98% in value against the US dollar in 2021, although data from other research institutions show a slightly lower decline in value of the local currency to the American currency.

However, in West Africa, the cedi placed 3rd in terms of performance.

Amalgamation of factors including increased corporate demand for the US dollar and the exit of the country’s bond by some foreign investors put pressure on the local currency in the last two months of the year.

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Again, importation of goods during the final part of 2021 by traders to sell during the Christmas period, increased demand for the American currency.

Despite a rebound in oil prices, improved exports, amongst others, the dollar inflows were not enough to stabilise the local currency.

Analysts are however uncertain about the outlook of the local currency, going forward.

Meanwhile, on the African continent, the Zambian Kwacha was the best performing currency last year. It was followed by the Angolan Kwanza and Mozambique New Metical.

CURRENCIES WITH ‘BEST SPOT RETURNS’

CURRENCY YEAR-TO-DATE RANKINGS
Zambian Kwacha  26.74% 1st
Angola Kwanza  17.61% 2nd
Mozambique New Metical  16.76% 3rd
Guinea Franc 7.24% 4th
Uganda Shilling 3.09% 5th
Tanzania Shilling 0.61% 6th
Egyptian Pound 0.15% 7th

CURRENCIES WITH ‘WORST SPOT RETURNS’

CURRENCY YEAR-TO-DATE RANKINGS
Djibuotian Franc  -0.11% 8th
Congolese Franc  -1.25% 9th
Gambian Dalasi  -1.92% 10th
Kenyan Shilling  -3.51% 11th
Mauritian Rupee  -4.03% 12th
Rwandan Franc  -4.52% 13th
Ghana Cedi   -4.98% 14th
Nigerian Naira   -5.02% 15th
Malawian Kwacha   -5.34% 16th
Botswana Pula   -7.68% 17th
South African Rand    -7.72% 18th
Sierra Leone Leone    -9.98% 19th
Ethiopian Birr    -22.20% 20th

 

 

 

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Source: GhArticles.com

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African News

This Milo Has Expired – Sam George Shades Milovan After Black Stars Draw With Gabon

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This Milo Has Expired - Sam George Shades Milovan After Black Stars Draw With Gabon

Ghana Black Stars hopes of qualifying for round 16 of the ongoing AFCON 2021 in Cameroon seems to be despair after they drew with Gabon who grabbed a late goal to secure a point in the tight game.

Following the draw, Ghanaians have descended heavily on the Black Stars players, the coaching staff and the GFA.

The results mean that Black Stars would have to beat Comoros in the last Group C match to stand a better chance of qualifying.

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Outspoken Ghanaian politician and Member of Parliament for Prampram Constituency, Hon. Sam George has shaded Black Stars head coach Milovan Rajevac in a new tweet on Twitter.

Read the read it below;

 

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Naija Twitter Jubilates Over Lifting Of Ban

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Twitter Ban In Nigeria To End 'Very Soon', Information Minister Says
It is a joyful day for millions in Nigeria because its government today lifted the ban on social networking site, Twitter.

For seven months, Twitter was suspended in Africa’s most populous country because the platform deleted a tweet by President Muhammadu Buhari about punishing regional secessionists, a move government viewed as siding with the secessionists.

After the reversal, citizens have taken over Twitter, discussing how they missed the space.

Those who could not stay away from the site during the ban resorted to virtual private networks (VPNs).

They now say the days of VPN is over since they are legitimate users of the site.

Twitter is among the many platforms companies and entrepreneurs leverage to reach a wider audience.

According to the BBC, government has reversed the ban because Twitter has agreed to some conditions, including opening a local office in the country. Twitter is, however, yet to comment on the matter.

Below are some comments on #TwitterBan:

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#TwitterBan: Nigeria To Lift Suspension After 6-Months

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#TwitterBan: Nigeria To Lift Suspension After 6-Months

Nigeria will lift its ban on Twitter from midnight, the government said Wednesday, a move that will give millions of people in Africa’s most populous country access to the social media platform once again.

The decision was made after Twitter agreed to meet all conditions set by the Nigerian government, according to a government statement.
Those conditions include “managing prohibited publication in line with Nigerian law” and addressing issues of operations and tax.
Last June, the Nigerian government suspended Twitter’s operations in the country, accusing the American social media giant of allowing its platform to be used “for activities that are capable of undermining Nigeria’s corporate existence.”
The ban was announced just two days after Twitter deleted a tweet by President Muhammadu Buhari that was widely perceived as offensive. In the tweet, Buhari threatened citizens in the southeast region following attacks on public property.
“The new global reality is that digital platforms and their operators wield enormous influence over the fabric of our society, social interaction and economic choices. These platforms can be used as either a tool or a weapon,” the government said in its Wednesday statement.
“Therefore, our action is a deliberate attempt to recalibrate our relationship with Twitter to achieve the maximum mutual benefits for our nation without jeopardizing the justified interests of the Company. Our engagement has been very respectful, cordial, and successful,” it said.
The government added that its decision to lift the suspension “opens a new chapter in global digital diplomacy” and “sets a new operational template for Twitter to come back stronger for the benefit of Nigerians.”
CNN has reached out to Twitter for its response to Nigeria’s announcement.
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Source: GhArticles.com/CNN

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