The expected depreciation of the cedi against the dollar in 2023 has been reduced by the Economist Intelligence Unit from 30.0% to approximately 23.0%.

This will rank the local currency as the third worst in all of Africa this year, according to its 2023 Updated African Outlook Report.

That report came from a business desk.

The UK-based company predicts that the cedi will lose less value than the 44.0% it lost against the US dollar in 2023.

Currently, the local currency has experienced a depreciation of just over 22% against the world's most prominent currency, as per data from the Bank of Ghana. This suggests that from now until the end of the year, the local currency's depreciation against the dollar will be minimal.

The EIU has emphasized that in 2022, most African currencies saw significant depreciation against the US dollar, and while it anticipates continued exchange-rate weakness in 2023, it expects the extent of depreciation to be less severe.

Sudan and Zimbabwe, projected to have the 1st and 2nd weakest African currencies, will also rank among the world's weakest in 2023.

On the other hand, the Zambian kwacha is set to be the top-performing currency in Africa this year, appreciating against the dollar.

Following closely are the Burkina Faso CFA, Cameroon's CFA, and the Congolese Franc, occupying the 2nd, 3rd, and 4th positions, respectively.