The Ghana Cedi has overtaken the South African Rand as the worst performing currency in Africa this year.
That’s according to Ecobank Research.
According to reports by www.insidermonkey.com, it has neared a 17 percent depreciation to the US Dollar on the forex market as against 16.2 percent depreciation by the.South African Rand.
This comes despite the 1.5 billion dollar COCOBOD Syndication and the long term debt raised by the Bank of Ghana.
Last week, the local currency lost more value to the American Dollar.
Analysts say it will remain under further pressure from large fiscal and current account deficits.
Meanwhile, the Ghana Cedi opened the week falling to the US Dollar on the interbank market.
It however rose to the other major foreign currencies on the interbank market.
It is trading between GH¢ 2.30p and GH¢2.40p to the US dollar on the interbank forex market.
It is going for GH¢2.74p and GH¢2.75p against the euro.
It is also trading between GH¢3.24p and GH¢3.25p to the British Pound on the foreign exchange market.