{"id":16844,"date":"2023-01-24T20:28:22","date_gmt":"2023-01-24T20:28:22","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/ghanaian-cedi-second-worst-performing-asset-among-sub-saharan-africas-top-15-currencies-economics-bitcoin-news\/"},"modified":"2023-01-24T20:28:22","modified_gmt":"2023-01-24T20:28:22","slug":"ghanaian-cedi-second-worst-performing-asset-among-sub-saharan-africas-top-15-currencies-economics-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/ghanaian-cedi-second-worst-performing-asset-among-sub-saharan-africas-top-15-currencies-economics-bitcoin-news\/","title":{"rendered":"Ghanaian Cedi Second Worst-Performing Asset Among Sub-Saharan Africa’s Top 15 Currencies \u2013 Economics Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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In just the first 17 days of the new year, the Ghanaian currency reportedly depreciated by 12.7%, making it the second worst-performing among Sub-Saharan Africa\u2019s top 15 currencies. While one U.S. dollar bought 13.10 units of the cedi on the parallel market, according to the latest Bank of Ghana data, one greenback buys around 10.36 units of the local currency. <\/strong><\/p>\n

The Cedi\u2019s Short-Lived Resurgence<\/h2>\n

After ending 2022 as one of the world\u2019s worst-performing currencies, the Ghanaian currency is already one of two in Sub-Saharan Africa\u2019s top 15 currencies that depreciated by double-digit figures within the first 17 days of the new year, a report<\/a> has said. The Egyptian pound, which depreciated by 16.5% during the same period, is the only currency among Sub-Saharan Africa\u2019s top 15 that has depreciated faster than the cedi.<\/p>\n

Although the Ghanaian cedi\u2019s year-to-date 12.7% drop is still lower than that of the whole of 2022 (38.86%), the latest depreciation suggests that the currency\u2019s resurgence that started in late 2022 has dissipated.<\/p>\n

As reported<\/a> by Bitcoin.com News in mid-December 2022, the cedi rallied from around GHS14:$1 to under 9:1 in just four days. The currency\u2019s revival had been fueled by reports suggesting the Ghanaian government had secured a $3 billion loan from the International Monetary Fund (IMF). Ghana needs the loan to help it stabilize its economy.<\/p>\n

In addition to the IMF loan package, Ghana, one of Africa\u2019s top gold producers, hopes to ease the pressure on the cedi through the recently launched gold-for-oil<\/a> scheme.<\/p>\n

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Bank of Ghana Exchange Rates pic.twitter.com\/AGI7GfW5M3<\/a><\/p>\n

\u2014 Bank of Ghana (@thebankofghana) January 20, 2023<\/a><\/p>\n<\/blockquote>\n

However, the cedi\u2019s plunge to around GHS13.10:$1 on the forex parallel market suggests that neither the IMF loan nor the barter scheme can halt the currency\u2019s fall. Meanwhile, at the time of writing, the Bank of Ghana\u2019s data<\/a> showed that one U.S. dollar bought GHS10.36 on the official foreign exchange market.<\/p>\n

Register your email here to get a weekly update on African news sent to your inbox:<\/em><\/p>\n

What are your thoughts on this story? Let us know what you think in the comments section below.<\/strong><\/em><\/p>\n

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\nTerence Zimwara <\/h6>\n

\nTerence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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