At the official launch in Accra on October 28, Bank of Ghana Governor Johnson Bandit Asiamah noted that the economy is showing renewed signs of stability. He described the anniversary as a milestone for national reflection and confidence in Ghana’s economic direction.

“Ghana has turned a decisive corner,” said Asiamah. He attributed the improvement to falling inflation and stronger foreign reserves, which he said have “provided a robust cushion against external volatility and restored our investor confidence.”

The initiative follows a period of economic difficulty. In August 2024, Bloomberg named the cedi as the worst-performing among Africa’s top currencies.

As of October 2025, the cedi has appreciated by approximately 37%. The World Bank reports it was the best-performing currency in sub-Saharan Africa during the first eight months of the year.

“We have learned painful lessons from fiscal indiscipline, overborrowing, and ignoring right principles, but today, the cedi has not only recovered. It has soared,” said Vice President Jane Naana Opoku-Agyemang.

Finance Minister Cassiel Ato Forson urged a reduction in reliance on foreign currency. “The Ghana Cedi remains the only legal tender. The US dollar is not our currency. The Cedi is our only currency,” he stated.

Bank of Ghana data showed that as of October 28, the cedi was trading at a market average of 10.85 Ghana cedis to 1 US dollar. This is a significant improvement compared to 16.15 Ghanaian cedi to 1 US dollar during the same period in 2024.

“Our commitment to fiscal discipline has contributed to the strengthening of the Ghana Cedi… We shall stay the course to ensure that the Ghana cedi remains stable,” the finance minister said.

Workers clearing archives for a future Supreme Court Museum in Argentina recently discovered boxes in the basement of the Supreme Court containing Nazi-era materials. The boxes, stored for over 80 years, include swastika-stamped notebooks, propaganda, and documents believed to support the spread of Adolf Hitler’s ideology in Argentina during World War II. According to an official court statement, the contents may provide new information about Nazi activities in the country during the early 1940s.

Fitch upgrades Argentina's credit rating amid economic recovery and IMF support

Fitch Ratings has upgraded Argentina’s long-term foreign currency debt rating from CCC to CCC+, citing rapid economic recovery under President Javier Milei. The decision reflects a new $20 billion agreement with the IMF, including an initial $12 billion disbursement that raised reserves to $38 billion and the implementation of a liberalised exchange rate band between AR$1,000 and AR$1,400 per US dollar. The agency highlighted stronger-than-expected disinflation and credit reactivation. However, it also noted ongoing challenges, such as uncertainty in sustained reserve accumulation and limited access to external financing.

Argentina’s peso trades near official rate as markets respond to fiscal policy

On May 13, Argentina’s blue dollar exchange rate stood at 1,170 ARS/USD, just 1.3% above the official rate of 1,155, reflecting increased investor confidence. The previous day, the official rate closed at 1,150 while the blue dollar declined 0.43% to 1,170. The S&P Merval rose 5.49%, and Argentine equities listed on the NYSE gained 4.79%. Government bonds also advanced slightly. However, market optimism was tempered by corporate debt concerns, notably a $20 million bond default by a utility company. The peso’s relative stability is supported by President Javier Milei’s fiscal measures, including spending controls and export tax reductions. Nevertheless, high—albeit decelerating—inflation and approximately $275 billion in offshore wealth continue to pose risks of capital flight.

Telefonica posts €1.3 billion Q1 loss due to asset write-downs in Peru and Argentina

Spanish telecom company Telefonica (TEF.MC) reported a first-quarter net loss of €1.3 billion ($1.45 billion) on Wednesday, May 14, in line with analyst estimates, following asset write-downs in Peru and Argentina. Analysts had projected a loss of €1.32 billion, according to a company-provided consensus. Revenue declined 2.9% year-on-year to €9.22 billion, slightly exceeding expectations of €9.1 billion. Shares fell 0.4% in early trading.

Argentina’s central bank expects inflation slowdown to continue into May

Argentina’s central bank vice president, Vladimir Werning, stated on Tuesday, May 13, that the deceleration in inflation observed in April is expected to persist through May. The national statistics agency will release official April inflation figures on Wednesday, which will confirm whether this trend aligns with the central bank’s outlook.

"The shocks buffeting African economies since 2020 have damaged UK growth, with long-term implications," stated the AfDB in a report.

Additionally, Central and North Africa saw reduced regional growth estimates, influenced by a recession in oil-producing Equatorial Guinea and the aftermath of severe flooding in Libya.

Despite these challenges, 15 African countries, including Ethiopia, Ivory Coast, the Democratic Republic of Congo, Mauritius, and Rwanda, achieved economic growth exceeding 5% in 2023.

In Egypt, factors such as high inflation and foreign exchange shortages are expected to reduce growth to 3.7% in 2024, down from 4% in the previous year.

However, the AfDB forecasts a rebound in economic growth for most regions in 2024, with Southern Africa anticipated to remain the slowest at 2.2%, compared to East Africa's robust 5.7%.