The Ghana Cedi, is now ranked the worst performing currency among fifteen (15) key African currencies being tracked by analysts after recording a 7.6% year-to-date depreciation to the United States dollar.
As of last Friday, 25th February, 2022, the Ghana cedis has depreciated appreciably from 4.70% to 7.60 against the US dollar according to the data. This is beyond imagination making it becomes the worst performing currency among top 15 currencies in Africa.
According to the report, Ghana which was placed 14th performing currencies (2nd worst performing currency) among 15 currencies in January, 2022 has been downgraded to the worst ever currency as of 25th February, 2022. The report said.
CHECK THIS IMPORTANT INFORMATION: Africa’s top performing currencies in 2022 – Ghana cedis ranked 2nd worst currency
The Zambian Kwacha performed slightly better in 14th place with the Namibian dollar being the best currency of the 15 currencies surveyed.
The recent ranking which placed the Republic of Ghana cedis at the 15th position is a survey conducted for both January and February 2022.
According to the report, Ghana, Zambia and Morocco among others have challenges in tackling their country’s abysmal performances of their currencies.
The situation is escalating debts in poor performing currency countries as they struggle with revenue mobilisation and expenditure management.
Earlier, the January 2022 survey released by Data Bank placed the South African Rand as the top performing currency at the moment with 4.56% followed by Namibian Dollar of 4.49%, but Namibian Dollar has overtaken the South Africa Rand in the second month of 2022.
The report categorically explained that, in the February 2022 report, the Namibian currency has overtaken that of South African Rand which was leading in January, 2022.
The situation could affect Ghana leading to reduction in foreign direct investment, massive capital flight, increase inflation, reduced economic growth and reduced GDP (gross domestic product).
Economic experts have only explained that, the rate at which the Ghana cedis is been downgraded, there’s is a likelihood of increase graduate unemployment, reduction in government’s expenditure on infrastructure projects, unstable prices of commodities making it difficult for any meaningful planning.
Most Ghanaians are worried and seriously disturbed, taking into account, the reduction in trade volumes and increase hardship in countries coupled with increasing crime rate etc.
The table below shows the detailed ranking of the 15 key African countries.
|CURRENCY||YEAR TO DATE PERFORMANCE||RANKING|
|SOUTH AFRICAN RAND||3.68%||2ND|