The Ghana cedi and three other currencies are the worst-performing currencies in Sub-Saharan Africa (SSA) in 2024, the World Bank’s October 2024 Africa Pulse Report has revealed.
According to the report, the cedi has lost about 24% value to the US dollar, placing it as the 4th weakest in SSA.
South Sudan’s pound (over 60%), Ethiopia's birr (51%) and Nigeria’s naira (over 40%) are the worst-performing currencies in Sub-Saharan Africa in 2024.
Interestingly, the Kenya shilling is the best-performing currency in Africa this year with a year-to-date gain of about 21% as of August 2024.
“Ethiopia, Ghana, and Nigeria are among the worst performing in Africa this year, and their currencies continue weakening while demand for foreign exchange remains pressing”, the report said.
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