The Ghana cedi has been classified as the worst of African currencies with the “Worst Spot Returns” by Bloomberg.
Bloomberg pegs the depreciation of the cedi to the dollar at 8.86% between January 1, 2022 and February 25, 2022.
It is followed by the Zambian kwacha with a depreciation of 6.02%.
Ghana and the Zambian economies have been battling with fiscal slippages, whilst their rising debts have created fears among investors regarding their economic outlook.
Whereas, Zambia agreed to an International Monetary Fund bailout of $1.4 billion December 2021 for a crucial three year programme to restructure its debt, Ghana is adamant in returning to the Bretton Wood institution for a similar programme to build investor credibility.
Crude oil has been selling above $100 per barrel, but the foreign inflows from the commodity have done little to help stabilise the cedi.
However, the five-year $4.5 billion Country Partnership Framework from the World Bank is expected to inject some dollar inflows into the economy, and help shore up the value of the cedi.
The Gambian dalasi, New Sudanese pound and Ethiopian birr are among African Currencies with the “Worst Spot Returns” by Bloomberg.
Angola Kwanza, Namibian dollar and South Africa are however among African currencies with the “Best Spot Returns”.
CURRENCIES WITH “WORST SPOT RETURNS”
RANKING | CURRENCY | YEAR-TO-DATE |
16th | Gambian dalasi | -1.03% |
17th | New Sudanese pound | -1.88% |
18th | Ethiopian Birr | -2.97% |
19th | Sierra Leone leone | -3.52% |
20th | Mauritian rupee | -4.76% |
21st | Liberian dollar | -5.50% |
22nd | Zambian kwacha | -6.02% |
23rd | Ghana cedi | -8.86% |
CURRENCIES WITH “BEST SPOT RETURNS”
RANKING | CURRENCY | YEAR-TO-DATE |
1st | Angolan kwanza | 12.26% |
2nd | South African rand | 5.15% |
3rd | Guinean franc | 3.79% |
4th | Nigerian naira | 2.16% |
5th | Botswana pula | 1.65% |
6th | Malawian kwacha | 1.01% |
7th | Rwanda franc | 0.97% |
8th | Uganda shilling | 0.32% |
Latest Stories
-
ILO Valuation Report based on assumptions – SSNIT
1 min -
NDC won’t allow you to impose your successor on Ghanaians arrogantly – Mahama to Akufo-Addo
4 mins -
Dumsor: Okoe-Boye advises hospitals to use generators
9 mins -
Akufo-Addo’s insistence that chiefs stand up to greet him worrying, disrespectful – Mahama
15 mins -
First Atlantic Bank wins ‘Digital Bank of the Year’
40 mins -
Ejisu by-election comes off today
43 mins -
Cedi to weaken further; year-to-date depreciation hits 13.35%
44 mins -
Bond market: Total market turnover declined by 32.36% to GH¢772.30m
48 mins -
Fuel price increases expected to slow down in coming days – IES
52 mins -
Prisons Service says it is probing officers vs. soldiers clash in Bawku
57 mins -
Border restrictions impact businesses and residents amid Togo elections
2 hours -
We’ve helped close leakage gaps – SML maintains
2 hours -
Ketu South MCE commissions an ultra-modern toilet facility in Aflao
2 hours -
Sunyani East parliamentary elections: Ransford Antwi to contest as an independent candidate
2 hours -
Publish full KPMG report on SML/GRA contract – NDC to Akufo-Addo
3 hours