The Economist Intelligence Unit has revised its projected depreciation of the cedi to dollar in 2023 to about 23.0% from the earlier 30.0%.

According to its 2023 Updated African Outlook Report, this will place the local currency as the third weakest in African this year.  

It means that the cedi will depreciate lower than the 44.0% recorded against the American greenback in 2023.

Presently, the local unit has declined in value by a little above 22% to the world’s most important currency, according to data from the Bank of Ghana. This means that between now and the end of the year, the depreciation of the local currency to the dollar will be very marginal.

The EIU reiterated that most African currencies lost substantial value against the US dollar during 2022 and it expects exchange-rate weakness to continue in 2023, albeit to a lesser degree.

Sudan and Zimbabwe which will be ranked 1st and 2nd worst African currencies will be among the weakest in the world in 2023.

Meanwhile, Zambia kwacha will become the best performing currency in Africa this year with an appreciation against the dollar.

Burkina Faso CFA, Cameroon’s CFA and Congolese Franc will follow in the 2nd, 3rd and 4th positions respectively.