It has been predicted that Ghana’s currency will depreciate against the US dollar as major African currencies appreciate in 2010. A report by Bloomberg news service quoting Absa Capital of Barclays Plc said as the global economy rebounds in 2010 and boosts prices of the continent’s commodity exports major African currencies will strengthen against the dollar, except the Angola kwanza and the Ghana cedi. It indicated that the Zambia kwacha will be ahead of the pack appreciating 14% to 4,095 per dollar on an advance in copper which accounts or about 70% of the country’s exports, according to Absa. Tanzania’s shilling is expected to make a gain of 8.1% as gold price goes up. African currencies from Nigeria’s naira to Angola’s kwanza slumped last year as the global recession eroded demand for commodities. Crude prices have gained 60 percent in 2009 while copper has doubled and gold, which accounts for 32 percent of Tanzania’s exports, according to Absa, reached a record high. Economic growth in Africa is expected to rebound to 4 percent in 2010 from 1.7 percent this year, the International Monetary Fund said October 1. Absa told the Bloomberg news that Ghana’s cedi, which has weakened more than 12% this year to 1.4525 per dollar, may extend the decline to 1.50 by the end of 2010. Source: GhanaBusinessnews.com