The outlook remains uncertain for Ghana’s cedi, ranked as Africa’s third-worst performing currency this year.

Analysts caution that the currency, having already depreciated by over 7% against the dollar, may continue to weaken despite the $3 billion bailout from the International Monetary Fund (IMF) following the country’s default in 2022.

Although Ghana has reached agreements with its domestic and official creditors, negotiations with eurobond investors are ongoing.

Additionally, while the country’s international reserves increased to a 10-month high of $5.9 billion in December, they are still considered insufficient to effectively support the currency.