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The Ghana cedi has come under intense pressure and is being classified among African currencies as one of the worst. The Ghana cedi has been ranked as the second worst-performing currency in Africa, among 15 top-performing currencies.
The local currency has depreciated by 4.70% to the US dollar.
A report by Joy Business indicated that the cedi is currently trading at GH¢6.60 to one US dollar on the forex market.
The depreciation has been attributed to upside risks to the economy including high debt and interest payments, inadequate revenue, and rising expenditure.
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.
It has declined in value by 11.29% to the dollar.
Earlier, Bloomberg tracking of African currencies revealed that the Ghana Cedi placed 14th on the league of African currencies in 2021.
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 the value of the local currency to the American currency.
In the West Africa sub-region, the cedi placed 3rd in terms of performance.
See the table below for the top performing currencies in Africa.