Ghana cedi is the third worst-performing African currency in 2024 – Bloomberg

Ghana cedi is the third worst-performing African currency in 2024 – Bloomberg

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.

Ghana cedi is the third worst-performing African currency in 2024 – Bloomberg
Ghana cedi is the third worst-performing African currency in 2024 – Bloomberg

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.

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