A recent Bloomberg report has classified the Ghanaian cedi among African currencies with the “Worst Spot Returns.”
Despite ending the first half of this year with a better performance than the same period last year, the local currency was still adjudged among African currencies with the worst ratings.
According to Bloomberg, the cedi lost about 11.21% to the US dollar which placed it in the 17th position.
In contrast, the Zambian Kwacha ranked first among the “Best Spot Returns” for African currencies.
As of July 3, 2023, the cedi was selling at GH¢11.90 to the US dollar on the retail market, while the Bank of Ghana quoted GH¢11.00 as of 8:00 am on Monday.
After the approval of Ghana’s $3 billion Extended Credit Facility by the International Monetary Fund (IMF) to restore macroeconomic growth, the Cedi has made marginal gains against the US dollar in the past three months of 2023. It has gained approximately 9 per cent against the US dollar on the retail market since the IMF program was approved on May 17, 2023.
