The World Bank has ranked the Ghana cedi as the worst-performing currency in Africa since the beginning of the year with a depreciation of 60 per cent against the United States dollar.
This was contained in the World Bank Africa Pulse Report October 2022 Volume.
According to the report, “The worst performing currencies in the region since the beginning of the year include those of Ghana (with a depreciation of 60 per cent), South Sudan (50.8 per cent), Sudan (28.6 per cent), Malawi (25.4 per cent), and CFA Franc (13.3 per cent)”.
The report said although inflation in the region was trending upward before Russia’s invasion factors including the depreciation of currencies against the dollar and increase in commodity prices had contributed to inflationary pressures.
Current Depreciation against US dollar 2022
South Sudan 50.8%
CFA Franc 13.3%
It said it was imperative to tame inflationary pressures; otherwise, inflation could lead to social unrest, intensify conflict, and ultimately ignite political instability”.