<\/p>\n
THE GHANA cedi is now the worst-performing currency among Africa\u2019s top currencies just 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\u2019s exchange rate, interest rate and inflation. Additionally, the recent downgrade of the country\u2019s 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\u2019 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\u00a0five-year\u00a0Country 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.\u00a0 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
\u2013 Myjoyonline<\/em><\/strong><\/p>\n \u00a0<\/p>\n \n\t<\/div>\n","protected":false},"excerpt":{"rendered":" THE GHANA cedi is now the worst-performing currency among Africa\u2019s top currencies just 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 weeks ago. […]<\/p>\n","protected":false},"author":1,"featured_media":1007036,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[72],"tags":[672,5551,2552],"class_list":["post-1007034","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-cedi","tag-performing","tag-worst"],"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1007034","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/comments?post=1007034"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1007034\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/media?parent=1007034"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/categories?post=1007034"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/tags?post=1007034"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}