Africa’s top performing currencies in 2022 – Ghana cedis ranked 2nd worst currency

Africa's top performing currencies in 2022 - Ghana cedis ranked 2nd worst currency
Africa's top performing currencies in 2022 - Ghana cedis ranked 2nd worst currency

A report on 15 Africa top performing currencies so far from January 2022 has been announced.

According to the report put out by Data Bank, the South African Rand is the top performing currency at the moment with 4.56% followed by Namibian Dollar of 4.49%.

Ghana cedi is ranked 2nd worst currency in Africa as it continues to depreciate by 4.70% to the US dollar according to the data. This simply means that, Ghana cedis is ranked 14th performing currencies among 15 currencies in the report.

Advertisement

READ MORE: Bank of Ghana: Features of Currency Notes of Ghana Cedis

The report stated that the Zambian kwacha which was one of the top-performing currencies in Africa in 2021, is the worst so far in 2022. It has declined in value by 11.29% to the dollar.

Find below Africa’s top performing currencies from January to date.

CURRENCY YEAR-TO-DATE

PERFORMANCE

RANKING
South African Rand 4.56% 1st
Namibian Dollar 4.49% 2nd
Botswana Pula 1.76% 3rd
Uganda Shilling 0.84% 4th
Egypt Pound 0.02% 5th
Cote D’ Voire Cfa 0.00% 6th
Malawi Kwacha 0.00% 7th
Tunisia Dinar 0.07% 8th
Tanzania Shilling -0.01% 9th
Kenya Shilling -0.43% 10th
Mauritius Rupee -0.43% 11th
Nigerian Naira -0.82% 12th
Morocco Dirham -1.18% 13th
Ghana Cedis -4.70% 14th
Zambia Kwacha -11.29% 15th

 

READ MORE: List of Rural Banks licensed by Bank of Ghana

What does this mean for countries with worst performing currencies?

Financial experts believe that, countries with worst performing currencies should expect the following;

1. reduction in foreign direct investment.

2. Massive capital flight

Bank of Ghana Summary of Economic and Financial Charts, January 2022

3. Increase inflation

4. Reduced economic growth

5. Reduced GDP (gross domestic product)

6. Increase graduate unemployment

7. Reduction in government’s expenditure on infrastructure projects

8. Unstable prices of commodities making it difficult for any meaningful planning

Value of Momo transactions drop by GH¢3 billion pending E-Levy approval – Bank of Ghana data reveals

9. Reduction in trade volumes

10. Increase hardship in countries coupled with increasing crime rate etc.

Africa's top performing currencies in 2022 - Ghana cedis ranked 2nd worst currency
Africa’s top performing currencies in 2022 – Ghana cedis ranked 2nd worst currency

SOURCE: Coverghana.com.gh

Advertisement
Advertisement

Leave a Reply