The cedi has been classified among African currencies with the ‘worst Spot Returns Bloomberg reports.
On the World Currency Ranker, the cedi’s performance placed 17th, depreciating by 11.21 percent.
According to Bloomberg although the cedi lost about 11.21% to the US dollar in the first quarter of 2023, it is still classified among African currencies with ‘Worst Spot’ Returns’.
The cedi ended the first half of 2023 with a better performance record than the same period last.
Fitch Solutions has also predicted that the Ghana cedi will end 2023 at a rate of ¢12.40 to one US dollar, which is a significant improvement from the 38% depreciation recorded in 2021.
Despite short-term exchange rate volatility, the cedi is eventually expected to stabilize given Ghana’s programme with the International Monetary Fund.
Currently, the cedi is trading at about GHS 11 to a dollar with analysts predicting that the value of the cedi will further shore up after Ghana received the first tranche of the US$ 3 billion US dollar IMF bailout.
The Nigerian Naira is the worst African currency so far this year, according to Bloomberg. It has lost about 39% value to the US dollar. It is followed by the Angola Kwanza and the Egyptian pound with year-to-date losses of 38.8% and 20% respectively.
Financial Analysts in Ghana are still projecting further stability of the cedi after Ghana received the first tranche of the US$ 3 billion International Monetary Fund (IMF) bailout.