Home / GENERAL NEWS / Ghana’s Cedi To Depreciate By About 22% In 2023 – EIU Report

Ghana’s Cedi To Depreciate By About 22% In 2023 – EIU Report

Spread the love

UK based Economist Intelligence Unit (EIU) is predicting about 22% depreciation of the cedi to the dollar in 2023.

This will rank the local currency as the 3rd weakest performing currency on the African continent, according to its Africa Outlook 2023 Report.

The EIU expects the exchange-rate weakness to continue into 2023, albeit to a lesser degree.

“Most African currencies have lost substantial value against the US dollar during 2022 and we expect exchange-rate weakness to continue into 2023, albeit to a lesser degree”.

It maintained that the currencies of the troubled states of Sudan and Zimbabwe will be among the weakest in the world during 2023, while Ghana, Malawi, Sierra Leone, Ethiopia and Egypt—which will all suffer from elevated rates of inflation—will see their currencies depreciate by more than 10% against the US dollar.

See also  Savelugu MP, Chief Charged With Unlawful Possession Of AK-47

 

 

It further said that African powerhouses of Nigeria, South Africa, Angola, Algeria and Kenya will not be exempted from the currency weakness and will experience further depreciation of their currencies against the US dollar in 2023.

Meanwhile, the Zambian kwacha will continue its performance as Africa’s best performing currency in 2023 with an appreacition of about 8% in value to the American greenback.

It will be followed by Burkina Faso’s CFA and Cameroon’s which are all expected to appreciate against the US dollar.

See also  VIDEO: "I Never Said President Akufo-Addo Was In My Pocket" - Kwesi Nyantakyi Asks Anas To Produce Evidence

 

The Ghana cedi has so far in 2022 lost a little over 27% in value. It is presently going for ¢11.25 to one US dollar in the retail market or the forex bureau.

 

After registering one of its worst performance in the first 11 months of 2022, it however improved in value strongly after the Staff-Level agreement between the International Monetary Fund and the government was announced at the beginning of this month.

 

 

 

 

Thanks for reading from MyGhanaMedia.com as a news publishing website from Ghana.

See also  SHS Computerised Placement For Sale [Full Video]

 

Source:  MyGhanaMedia.com

There are four types of content published on   MyGhanaMedia.com daily: curated content; syndicated content; user-generated content; and original content.

 

 

 

Are You Suffering From Weak Erection, Low Libido, Premature Ejaculation Or Infections? – Get M-Plus No

 

 

  Maccun Plus (MPlus) is for men and women as a natural aphrodisiac with no side effects

Just contact the number below for M PLUS HONEY.

024-377-7896 / 0561193978

 

 

 

 

 

 

 

 

 

 

 

 

 

Send your news stories to myghanamedia@gmail.com and Chat with us via WhatsApp on +233 200818719

 

 

About Adwenpa-Hene

we publish on Entertainment, Sports, Politics, Lifestyle, and Technology. You can also follow Us on : YouTube Channel - My Ghana Media TV, Facebook - MyghanaMedia TV , Twitter - @MyGhanamedia2 & Instagram - My Ghana Media TV. Email Address: myghanamedia@gmail.com Contact Us: 0200818719

Check Also

Accusations Made Against Speaker Bagbin For The Delayed Recall Of MPs Are Baseless – Parliament

Spread the love Ghana’s Parliament has rejected accusations that Speaker Alban Bagbin is intentionally delaying …