The Ghana Stock Exchange is the third worst performing market in Africa for the first quarter. That’s the conclusion of a report by Databank. The Africa Quarterly Report ranks performance of stock markets in Africa in terms of returns to investors in dollars. The Ghana market came third after Mauritius and Zambia which were the worst markets in Africa. Head of Research of Databank Research, Nii Ampa-Sowa tells JOY BUSINESS the recent decline in the value of the cedi could be blamed for Ghana’s poor performance. “As a global investor you come in with dollars which you would convert to cedis and then you would invest here. But if you were to take your money out of the Ghanaian market it would mean that you would sell the cedi denominated investment and then repatriate that money. But in taking it outside the country, you would have to change back the cedi into dollars. Meanwhile, in dollar terms the money has actually declined,” he noted. The Egyptian Stock Exchange emerged the best market in Africa, returning almost 40 percent to investors.