The Ghana Cedi has been ranked as the 2nd worst performing currency among 15 other top-performing currencies in Africa
Ghanaian currency has depreciated by 4.70% to the US dollar in less than two months into the start of the year 2022.
According to a Joy Business report, the cedi is currently trading at GH¢6.60 to one US dollar on the forex market.
Upside risks to the economy, including a large debt and interest payments, insufficient revenue, and increased consumption, have been attributed to the depreciation of the local currency.
These considerations, according to the reports, have led in investors existing and trading Ghana’s bonds on international bond markets, despite the fact that access to foreign capital markets remains uncertain.
Furthermore, Moody’s Investor Services and Fitch Ratings, both major credit rating organizations, have reduced Ghana’s creditworthiness.
The report stated that the Zambian kwacha which was one of the top-performing currencies in Africa in 2021, is the worst so far in 2022.
The Kwacha has lost 11.29 per cent of its value against the US dollar.
The report, however, ranked the South African Rand 1st, the Namibian Dollar 2nd, Botswana Pula 3rd, etc.
Ghana Cedi ranked 2nd Worst Performing Currency
Check the table below to learn more on the top-performing currencies in Africa;