The cedi experienced a depreciation of approximately 11.21% against the US dollar in the first half of this year, according to Bloomberg.

The local currency cedi concluded the first half of this year with a stronger performance compared to the same period last year.

However, it was still categorized among African currencies with relatively weak returns.

On the interbank market, the Bank of Ghana reported a year-to-date depreciation of the cedi against the dollar of about 20%. Currently, in the retail market, the exchange rate stands at ¢11.68 to the dollar, while the Bank of Ghana (BoG) quotes it at ¢10.99.

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Over the past three months, the cedi has exhibited a favorable performance against the US dollar.

Following the announcement of an approved International Monetary Fund (IMF) programme in the first quarter of 2023, the cedi has demonstrated resilience against the US dollar. The local currency has gained approximately 9% on the retail market since then.

However, some analysts argue that the local currency's strength may be attributed to the suspension of principal and interest payments on external debt in December 2022.

Recent reports suggest that demand pressures for the US dollar have eased, which has been favorable for the cedi. This trend is expected to continue this week, assuming no major changes occur.

Meanwhile, according to Bloomberg, the Nigerian Naira is currently the worst-performing African currency this year. It has experienced a devaluation of around 39% against the US dollar. The Angola Kwanza and the Egyptian pound follow closely behind with year-to-date losses of 38.8% and 20%, respectively.

During the first quarter of 2023, the Bank of Ghana reported a depreciation of the cedi against the dollar at 22.1%.

According to Bloomberg, in 2022, the Ghanaian cedi experienced a depreciation of approximately 38.86% against the US dollar. This decline in value occurred amidst challenging economic conditions in Ghana.

On a global scale, the Ghanaian currency ranked 145th. The Sierra Leone Leone secured the 146th position, followed by the Argentina Peso and the Sri Lankan Rupee at 147th and 148th, respectively.