Ghana's cedi has been ranked as one of the worst-performing African currencies against the US dollar, according to Bloomberg's World Currency Ranker.

The cedi ranked 17th on the list, with a year-to-date depreciation of 11.21 percent as of July 3, 2023. The Zambian kwacha topped the list as the best-performing African currency, with a year-to-date appreciation of 9.62 percent.

The cedi's performance was slightly better in the first half of 2023 compared to the same period in 2022, when it lost about 20 percent of its value on the interbank exchange market, according to the Bank of Ghana.

On the retail market, the cedi was selling at GH¢11.90 to the US dollar on July 3, 2023, while the Bank of Ghana quoted GH¢11.00 as of 8:00 am on Monday.

The cedi has made some gains against the US dollar in the past three months of 2023, following the approval of Ghana's IMF-supported program, the Extended Credit Facility of $3 billion, aimed at restoring macroeconomic stability and growth.

The program was approved by the IMF board on May 17, 2023, after months of negotiations and delays. Since then, the cedi has appreciated by about 9 percent on the retail market.

However, the cedi's recovery may be short-lived, as the Economist Intelligence Unit (EIU) has projected that it will depreciate by 22 percent in 2023, making it the third weakest performing currency on the continent.

The EIU cited Ghana's high public debt, large fiscal deficit, and low foreign exchange reserves as some of the factors that will weigh on the cedi's outlook.

Meanwhile, the Nigerian naira was identified as the worst-performing African currency by Bloomberg, having lost about 39 percent of its value against the US dollar.

The Angolan kwanza and the Egyptian pound also ranked among the worst performers, with year-to-date losses of 38.8 percent and 20 percent, respectively.