{"id":16402,"date":"2022-03-01T12:02:29","date_gmt":"2022-03-01T12:02:29","guid":{"rendered":"https:\/\/www.africa-press.net\/ghana\/uncategorized\/ghana-cedi-worst-performing"},"modified":"2022-03-01T13:30:02","modified_gmt":"2022-03-01T13:30:02","slug":"ghana-cedi-worst-performing","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/ghana\/all-news\/ghana-cedi-worst-performing","title":{"rendered":"Ghana Cedi worst performing"},"content":{"rendered":"

Africa-Press – Ghana. <\/strong><\/span>The Ghana cedi is now the worst-performing currency among Africa’s top currencies two months into 2022.<\/p>\n

This is because it has depreciated by about 7.6% to the dollar from January 1, to February 25, 2022.<\/p>\n

The local currency has overtaken the Zambian kwacha, which was the worst-performing currency on the continent two weeks ago.<\/p>\n

Both Ghana and Zambia have challenges in addressing their escalating debts as well as struggling with revenue mobilisation and expenditure management.<\/p>\n

This conundrum is impacting negatively on the country’s exchange rate, interest rate and inflation. Additionally, the recent downgrade of the country’s ability to borrow is also a major worry as investors are still unsure about the outlook of the Ghanaian economy.<\/p>\n

This affirms some economists and analysts’ assertion that all concerns regarding the Electronic Transaction Levy must be addressed and passed immediately by Parliament.<\/p>\n

If not, the depreciating cedi will affect the budget of most corporate institutions as well as reduce the disposable income of consumers.<\/p>\n

But there could be some hope going forward as the World Bank Group has approved a five-year Country Partnership Framework (CPF) for Ghana from this year till 2026.<\/p>\n

This will see the injection of $4.5 billion into the economy, in the next five years.<\/p>\n

The CPF will support Ghana in its COVID-19 and medium-term development agenda. It is designed around three mutually reinforcing focus areas, namely: Enhancing Conditions for Private Sector Development and Quality Job Creation; Improving Inclusive Service Delivery, and Promoting Resilient and Sustainable Development.<\/p>\n

The cedi is presently hovering around \u00a27.05 to the US dollar, compared with about \u00a26.51 to a dollar in December 31, 2021<\/p>\n

Meanwhile, the Namibian dollar overtook the South African rand as the best performing currency in Africa so far this year with an appreciation of 4.12% to the dollar.<\/p>\n

The South African rand is 2nd also with an appreciation of 3.68% to the dollar.<\/p>\n

For More News And Analysis About Ghana<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Ghana. The Ghana cedi is now the worst-performing currency among Africa’s top currencies two months into 2022. This is because it has depreciated by about 7.6% to the dollar from January 1, to February 25, 2022. The local currency has overtaken the Zambian kwacha, which was the worst-performing currency on the continent two […]<\/p>\n","protected":false},"author":84,"featured_media":16401,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,3,8],"tags":[5092,5096,7658,429,7657],"class_list":["post-16402","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-community","category-homepage-english","tag-africa-press","tag-africa-press-ghana","tag-cedi","tag-ghana","tag-performing"],"yoast_head":"\nGhana Cedi worst performing - Ghana<\/title>\n<meta name=\"description\" content=\"The Ghana cedi is now the worst-performing currency among Africa's top currencies two months into 2022. 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