The Ghanaian cedi has been ranked the second weakest currency among the top 15 currencies in Sub-Saharan Africa.
The Cedi also ended 2022 as the second weakest currency on the African continent with a year-to-date loss of 38.86% to the US dollar, according to Bloomberg.
With only 18 days into the year 2023, the Ghanaian Cedi has depreciated by 12.7%, making it the second weakest currency in the top 15 African currencies.
The Governor of the Bank of Ghana, Dr Ernest Addison, at a Public Accounts Committee meeting stated that the pressure on the Ghanaian economy is the reason behind the depreciation of the cedi.
According to myjoyonline.com report Dr Ernest Addison, however, expressed confidence that the government's policy of exchanging gold for oil will help reduce the demand for foreign currency in the economy and result in a stabilization of the cedi.
Globally, the local currency placed 145th. The Sierra Leone Leone came 146th whilst the Argentina Peso and Sierra Lankan Rupee placed 147th and 148th respectively.
They were classified as the currencies with the “Worst Spot Returns” by Bloomberg.
AFRICAN CURRENCIES PERFORMANCE