Skip to main content

Cedi ranks 5th worst-performing currency in Africa

 


Ghana’s cedi, according to Professor Steve Hanke’s, CurrencyWatchlist, is the 5th worst-performing currency on the African Continent.

Globally, the cedi is the 13th worst-performing currency.

According to the Professor of Applied Economics and Director of the Troubled Currencies Project in the United States, the Ghanaian cedi has depreciated by 42.57% against the dollar since January 2020.

Official data from Ghana’s Central Bank puts the YTD depreciation rate of the cedi against the dollar at 35% for this year – 2022.

Professor Hanke’s currency watchlist, constitutes a group of currencies that have depreciated by at least 20% against the dollar since January 2020.

He explains that the currencies of the countries on his list have suffered massive devaluations against the US dollar since January 2020. 

 

According to the latest ranking by Hanke’s Currency Watchlist, the Zimbabwean dollar has been rated the worst-performing currency in Africa against the United States dollar. The Zimbabwean dollar has depreciated against the USD by 97.33% since Jan. 2020.

Coming in second place is Sudan. The Sudanese pound has depreciated against the USD by 84.95% since Jan 2020. According to Hanke, the only way to save Sudan’s pound and its economy is to install a currency board.

South Sudan ranks third on the list after the nation’s currency depreciated against the USD by 50.79% since Jan 2020. According to Hanke, South Sudan’s economic death spiral never ends.

Nigeria ranks 4th on the list of worst-performing currencies in Africa and 11th globally as the currency’s value has depreciated against the USD by 48.87% since Jan 2020.

Malawi ranks 6th place in Hanke’s #CurrencyWatchlist. The kwacha has depreciated against the USD by 39.54% since Jan 2020, by measure, and is yet another central bank junk currency, said Hanke in a Twitter post.

Sierra Leone takes 7th place in Hanke’s #CurrencyWatchlist. The Sierra Leone has depreciated against the USD by 31.23% since Jan 1, 2020. According to Hanke, the country’s currency redenomination has done nothing to end its economic death spiral.

Below is Hanke’s currency watchlist:

Labels:

Comments

Post a Comment

Popular posts from this blog

Ghana Home Loans

With interest rates declining, a more liquid environment and a macroeconomic stability, mortgage financing is expected to see an ease of credit. And Ghana Home Loans being a leader in this industry is expected to lead the way. Ghana Home Loans (GHL), a leader in home mortgage, continues to be the frontier in fulfilling dreams of many Ghanaians in homeownership. Since starting business in 2006, it has also provided many existing homeowners with Equity Release mortgages to support their businesses, pay educational fees, improve their properties, or simply pursue other personal hobbies and interests. Ghana Home Loans is a mortgage finance institution which operates under Bank of Ghana’s supervision as a non-bank financial institution. At present, the Company remains the only such institution that focuses exclusively on the provision of mortgage product. Through the Home Completion mortgage and Home Construction mortgage products, Ghana Home Loans has enabled many qualified applican
16 comments
Read more

Rana Motors celebrates 30 years of Kia Sportage in Ghana with the unveiling of 30 Unique Limited Models

 In a bold milestone, Rana   Motors , a leading player in the automobile industry, is marking 30 years of its flagship compact   SUV , the Kia Sportage presence on the Ghanaian market with the launch of the limited special edition of the 5th Generation model. This latest edition, proudly assembled in Ghana, reflects the brand’s commitment to combining local craftsmanship with cutting-edge technology with key upgrades including acoustic laminated glass for a quieter interior and reinforced safety features like eight airbags, including rear side airbags. Speaking during a brief ceremony to unveil the 30th Anniversary of Kia Sportage in Ghana, Chief Operating Officer of Rana Motors Kassem Odaymat, described the positioning of the company as a game-changer in the automotive landscape.   To mark three decades of outstanding success, Kia has equipped a new special edition of the 2024 Sportage with enhanced specification, focusing on convenience and safety while further elevating the model’s
Post a Comment
Read more

Index of industrial production surges to 8.2% in 2024 2nd quarter

  The Conference of Heads of Assisted Secondary Schools (CHASS) has expressed frustration over the challenges faced in securing electricity for schools across the country. During their 62nd Annual Conference, held in Tamale from October 7 to 11, CHASS voiced concerns about the impact of prepaid electricity meters on their operations. In a statement, CHASS highlighted that the use of Electricity Company of Ghana (ECG) prepaid meters in schools is worsening the financial strain on headteachers. CHASS is extremely surprised as to why its members should be burdened with the responsibility of pre-financing the supply of electricity for classrooms, libraries, dormitories, dining halls, laboratories, and other academic purposes," the statement read. CHASS called for the government's immediate intervention, urging the shift from prepaid to postpaid meters to ensure uninterrupted electricity supply. They emphasized the need for continuous power to support effective academic work and to
Post a Comment
Read more