Ghanaian Cedi second among the top 15 currencies Subsahara Africa with the worst performance-Economics

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In the first 17 days of the new year alone, the Ghanaian currency reported by 12.7 % and was therefore the second worst of the 15 most important currencies in Subsahara Africa. While 13.10 units of the CEDI are bought on the parallel market for a US dollar, a Greenback buys around 10.36 units of the local currency according to the latest data from the Bank of Ghana.

The short -lived revival of the Cedi

After the year 2022 ended as one of the currencies with the worst performance of the world, the Ghanaian currency is already one of two of the top 15 currencies Subsahara Africa, which have devalued in double digits within the first 17 days of the new year, a test report said. The Egyptian pound, which lost in value by 16.5 % in the same period, is the only currency among the top 15 in Subsahara Africa that has devalued faster than the Cedi.

Although the decline in the Ghanaian Cedi has still been less than that of the entire year 2022 (38.86 %) since the beginning of the year, the recent devaluation indicates that the re -launch of the currency in the end of 2022 has subsided.

as by Bitcoin.com News in mid -December 2022, the Cedi recovered in just four days from about GHS14: 1 to under 9: 1. The revival of the currency was heated by reports, according to which the Ghanaian government had received a loan of $ 3 billion from the International Monetary Fund (IMF). Ghana needs the loan to stabilize its economy.

In addition to the IMF loan package, Ghana, one of the leading gold producers of Africa, hopes to reduce the pressure on the Cedi by the recently laid out plan.

The crash of the Cedi to about 13.10 GHS: 1 dollar on the foreigners' parallel market, however, indicates that neither the IMF loan nor the exchange system can stop the case. In the meantime, at the time of writing, the Bank of Ghana Data bought.

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Terence Zimwara

Terence Zimwara is an award -winning journalist, author and writer from Zimbabwe. He wrote in detail about the economic problems of some African countries and how digital currencies Africans can offer an escape route.












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