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%