Ghanaian Cedi Second Worst-Performing Asset Among Sub-Saharan Africa’s Top 15 Currencies

In just the first 17 days of the new year, the Ghanaian currency reportedly depreciated by 12.7%, making it the second worst-performing among Sub-Saharan Africa’s top 15 通貨. While one U.S. dollar bought 13.10 units of the cedi on the parallel market, according to the latest Bank of Ghana data, one greenback buys around 10.36 units of the local currency.

The Cedi’s Short-Lived Resurgence

After ending 2022 as one of the world’s worst-performing currencies, the Ghanaian currency is already one of two in Sub-Saharan Africa’s top 15 currencies that depreciated by double-digit figures within the first 17 days of the new year, a 報告 言った. The Egyptian pound, which depreciated by 16.5% during the same period, is the only currency among Sub-Saharan Africa’s top 15 that has depreciated faster than the cedi.

Although the Ghanaian cedi’s year-to-date 12.7% drop is still lower than that of the whole of 2022 (38.86%), the latest depreciation suggests that the currency’s resurgence that started in late 2022 has dissipated.

As 報告 by Bitcoin-Tidings.com News in mid-December 2022, the cedi rallied from around GHS14:$1 to under 9:1 in just four days. The currency’s revival had been fueled by reports suggesting the Ghanaian government had secured a $3 billion loan from the International Monetary Fund (IMF). Ghana needs the loan to help it stabilize its economy.

In addition to the IMF loan package, ガーナ, one of Africa’s top gold producers, hopes to ease the pressure on the cedi through the recently launched gold-for-oil scheme.

Bank of Ghana Exchange Rates pic.twitter.com/AGI7GfW5M3

— Bank of Ghana (@thebankofghana) 1月 20, 2023

でも, the cedi’s plunge to around GHS13.10:$1 on the forex parallel market suggests that neither the IMF loan nor the barter scheme can halt the currency’s fall. その間, at the time of writing, the Bank of Ghana’s データ showed that one U.S. dollar bought GHS10.36 on the official foreign exchange market.

Register your email here to get a weekly update on African news sent to your inbox:

この話についてどう思いますか? 以下のコメントセクションであなたの考えを教えてください.

テレンス・ジムワラ

Terence Zimwaraはジンバブエの受賞歴のあるジャーナリストです, 作家とライター. 彼は、いくつかのアフリカ諸国の経済問題や、デジタル通貨がどのようにアフリカ人に脱出経路を提供できるかについて幅広く書いています。.

画像クレジット: シャッターストック, Pixabay, ウィキ・コモンズ