Ghana cedi depreciates by 4.70% to US dollar, ranked 2nd worst currency in Africa

Market analysts have since attributed the cedi’s current woes to upside risks such as the high-interest payments, lack of adequate revenue mobilization, increasing government expenditure and high debt concerns.

These factors, the analysts believe has resulted in investors existing and trading off Ghana’s bonds on the international bond markets while access to international capital markets still remains uncertain.

In addition to this, international credit rating agencies, Moody’s Investor Services and Fitch Ratings have both downgraded Ghana’s credit worthiness.

Meanwhile on the African continent, the Zambian Kwacha which ordinarily performed well among currencies in 2021 was ranked the worst so far 2022. The Kwacha’s value declined by 11.29 percent to the US dollar.