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:

Comments

US-Based Doctor Supports Weija Leprosarium, Underprivileged Children In Ankaase With Cash & Food Items

In a remarkable display of philanthropy, US-based medical practitioner, Dr. Kofi Kyei Sarfo, and the Sarfo family have made significant donations to support vulnerable communities in Ghana. During his visit to Ghana for the Christmas and New Year festivities, Dr. Sarfo and his family donated assorted food items and $5,000 to the Weija Leprosarium in Accra. This generous act aims to improve the lives of the inmates and support the tireless efforts of Rev. Father Andrew Campbell, founder of the Lepers Aid Committee. The donation to the Weija Leprosarium is a testament to Dr. Sarfo's commitment to giving back to his community. He praised Rev. Father Andrew Campbell for his selfless work in integrating cured lepers into society, emphasizing the need for continued support to ensure the well-being of the inmates. Dr. Sarfo encouraged others to follow in his footsteps, stating that every donation, no matter how small, can make a significant difference in the lives of the inmates. The don...

Nestlé Ghana Limited Wins Overall Best Industrial Company Of The Year at 13th AGI Industry & Quality Awards

Nestlé Ghana Limited has been honored with four prestigious awards at the 13th Association of Ghana Industry and Quality Awards ceremony. The event, held in an esteemed setting, gathered prominent figures from Ghana’s industrial sector. Amidst the anticipation, Nestlé Ghana emerged as one of the evening’s notable winners, securing accolades in several key categories. This recognition underscores Nestlé Ghana’s relentless pursuit of excellence and innovation, marking a significant milestone that highlights the company’s substantial contributions to the manufacturing industry in Ghana. Nestlé Ghana's exceptional performance was acknowledged with the following awards: Overall Best National Quality Award, Diamond Category (Food) Overall Best Practices in Sustainable Manufacturing Best Company (Food Sector) Overall Industrial Company of the Year, affirming its status as a leader not only within the food sector but also across Ghana's entire industrial landscape. This success is a ...

Mfantsiman Girls to Host 65th Speech & Prize-Giving Day

Mfantsiman Girls Senior High School is set to host the 65th Speech and Prize-giving Day and Homecoming from 14th to 16th March at Saltpond in the Central region. This year’s Speech and Prize-giving day is being hosted by the 2000-year group, and over 5000 old girls and students of Mfantsiman Girls are expected to attend the programme. Under the theme, ‘Leveraging New Media Technology to Optimize Girl Child Education,’ the event will emphasize the importance of harnessing technology to address the unique challenges faced by girls in accessing quality education, particularly in marginalized communities. By leveraging new media technology, we can create inclusive, interactive, and engaging learning environments that empower girls to reach their full potential. The theme will also serve as a call to action, encouraging students, educators, and stakeholders to explore innovative ways to integrate technology into girl child education, ultimately driving positive change and promoting a...

Kofi Ahovi

Search This Blog