Cedi, naira among 4 worst performing currencies in Sub Saharan Africa in 2024 – World Bank

The World Bank’s October 2024 Africa Pulse Report reveals that the Ghanaian cedi, along with South Sudan's pound, Ethiopia's birr, and Nigeria's naira, is among the worst-performing currencies in Sub-Saharan Africa (SSA). The cedi has lost 24% of its value to the US dollar, ranking 4th weakest.

In contrast, Kenya's shilling is the best-performing currency, appreciating by 21%. Despite some currency stabilization, exchange rate pressures and foreign exchange shortages remain a concern, with over one-third of SSA countries projected to have less than three months of import reserves by the end of 2024.