Ghana Cedi is 4th weakest in West Africa; losing 24% value in 2024

The World Bank’s October 2024 Africa Pulse Report has revealed that the Ghana cedi and three other currencies are the worst-performing currencies in Sub-Saharan Africa in 2024.

According to the report, the cedi has lost about 24 percent value to the US dollar, placing it as the 4th weakest in Sub region. South Sudan’s pound, Ethiopia’s birr and Nigeria’s naira are the worst-performing currencies.

 The Kenya shilling is the best-performing currency in Africa this year with a year-to-date gain of about 21 percent as of August 2024. 

The report said Ethiopia, Ghana, and Nigerian currencies continue to weaken while demand for foreign exchange remains pressing. 

In contrast, some currencies that weakened in 2023 have stabilised or strengthened  this year. 

Although most currencies are stabilising, the October 2024 Africa Pulse Report pointed out that the exchange rate pressures and shortages of foreign exchange remain a concern for African policymakers.

SOURCE: Myjoyonline

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