"Cedi classified among \u2018worst spot returns\u2019 in Africa"

" Cedi classified among \u2018worst spot returns\u2019 in Africa \r\nGhana\u2019s local currency -the cedi has been classified among African currencies with the \u2018worst Spot Returns.\r\n\r\nThis is according to a Bloomberg report.\r\n\r\nOn the World Currency Ranker, the cedi's performance placed 17th, depreciating by 11.21 percent.\r\n\r\nAccording to Bloomberg although the cedi lost about 11.21% to the US dollar in the first quarter of 2023, it is still classified among African currencies with \u2018Worst Spot\u2019 Returns\u2019.\r\n\r\nThe cedi ended the first half of 2023 with a better performance recorded than the same period last.\r\n\r\nFitch Solutions has also predicted that the Ghana cedi will end 2023 at a rate of \u00a212.40 to one US dollar, which is a significant improvement from the 38% depreciation recorded in 2021.\r\n\r\nDespite short-term exchange rate volatility, the cedi is eventually expected to stabilize given Ghana\u2019s programme with the International Monetary Fund.\r\n\r\nCurrently, the cedi is trading at about GHS 11 to a dollar with analysts predicting that the value of the cedi will further shore up after Ghana received the first tranche of the US$3 billion US dollar IMF bailout.\r\n\r\nThe Nigerian Naira is the worst African currency so far this year, according to Bloomberg. It has lost about 39% value to the US dollar. It is followed by the Angola Kwanza and the Egyptian pound with year-to-date losses of 38.8% and 20% respectively.\r\n\r\nFinancial Analysts in Ghana are still projecting further stability of the cedi, after Ghana received the first tranche of the US$ 3 billion International Monetary Fund (IMF) bailout."

"Cedi classified among \u2018worst spot returns\u2019 in Africa"

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