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

UK-Ghana Trade & Investment Summit: Trade Resource Centre to help businesses maximise UK-Ghana trade opportunities

 In a significant boost to UK-Ghana trade and investment relations, the UK-Ghana Chamber of Commerce (UKGCC), in partnership with the UK-Ghana Jobs and Economic Transformation (JET) Programme, has launched the UK-Ghana Trade Resource Centre, a practical market-access platform designed to help businesses identify opportunities, navigate export requirements and build commercial partnerships between Ghana and the United Kingdom. The UK and Ghana enjoy strong trade relations, with total bilateral trade reaching approximately £1.6 billion in the year to Q1 2026. Yet, despite this progress, significant untapped opportunities remain for businesses in both countries. The Trade Resource Centre has been established to help bridge information gaps, connect businesses with the right partners, and support firms to take greater advantage of opportunities under the UK-Ghana Trade Partnership Agreement. The launch formed one of the major outcomes of the UK-Ghana Trade & Investment Summit 2026,...
Post a Comment
Read more

NESCAFÉ Launches Real Vibes Text & Win Promo to Reward Coffee Consumers Across Ghana

 NESCAFÉ has launched the Real Vibes Text & Win Promo, an exciting consumer promotion designed to reward loyal coffee lovers and bring the brand’s My Coffee, My Vibe experience even closer to consumers across the country. Running from September to December, the promotion gives consumers the opportunity to enjoy their favourite NESCAFÉ coffee while standing a chance to win exciting prizes, including phones, motorcycles, airtime and the ultimate grand prize—an electric SUV. Speaking at the launch, Lily Ntim, Category Development Manager for NESCAFÉ, said the promotion reflects NESCAFÉ’s commitment to creating, rewarding and memorable experiences for consumers. “Today, we are excited to introduce the NESCAFÉ Real Vibes Text & Win Promo, a campaign designed to bring the My Coffee, My Vibe experience even closer to our consumers,” she said. She added that the campaign is not only about prizes, but also about celebrating the everyday moments consumers enjoy with their coffee. “T...
Post a Comment
Read more

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