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Cedi now worst among Africa’s top currencies; depreciates 7.6% to dollar

Just two months into 2022, the Ghana cedi has become the worst-performing currency among Africa’s major currencies.

This is due to a 7.6% depreciation against the dollar between January 1 and February 25, 2022.

The local currency has surpassed the Zambian kwacha, which two weeks ago was the continent’s worst-performing currency.

Both Ghana and Zambia face difficulties in dealing with growing indebtedness, as well as revenue mobilization and expenditure management.

The country’s exchange rate, interest rate, and inflation are all suffering as a result of this conundrum. Furthermore, the recent downgrading of the country’s borrowing capacity is a big source of concern, as investors remain uncertain about the Ghanaian economy’s prospects.

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This supports the view of certain economists and experts that all concerns about the Electronic Transaction Levy must be addressed and passed by Parliament as soon as possible.

If not, the devaluing cedi will have an impact on most company budgets as well as consumers’ disposable money.

However, the World Bank Group has authorized a five-year Country Partnership Framework for Ghana, which will run from this year through 2026.

Over the next five years, $4.5 billion will be injected into the economy.

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AFRICA’S TOP CURRENCIES

CURRENCY YEAR-TO-DATE PERFORMANCE RANKING
Namibian dollar 4.49% 1st
South African rand 3.68% 2nd
Botswana pula 1.17% 3rd
Tunisia dinar 0.75% 4th
Uganda shilling 0.46% 5th
Egypt Pound 0.02% 6th
Malawi kwacha 0.00% 7th
Tanzania shilling -0.02% 8th
Kenya shilling -0.06% 9th
Nigerian naira -0.70% 10th
Mauritius rupee -0.75% 11th
Côte d’Ivoire CFA -0.90 12th
Morocco dirham -2.56% 13th
Zambia kwacha -5.98% 14th
Ghana cedi -7.60 15th

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