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How Ghana quietly injected $10 billion to stabilise the Cedi

Ghana had one of its best currency performances in recent memory between January and October of 2025. The value of the cedi increased significantly in relation to the US dollar, rising from GH¢15.30 in January to GH¢10.28 in May before leveling off at GH¢12.42 in September. A crucial question was brought up by the quick appreciation: where did the foreign exchange come from?


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