It appears the Ghana’s cedi and Zambia’s kwacha are set to
end 2014 as the worst performing African currencies in 2014. According to data
from Reuters, the cedi and kwacha have both depreciated by 27% and 15%
year to date. In fact at some point in time this year, the Ghanaian currency
was down 40%. Nigerian naira looks set to close down 13.5% this year.
Ghana and Zambia currencies have been hit by fallen fiscal
and tax crisis respectively. Ghana has had to face serious commodity prices as
the volatility in the price of Gold, Cocoa and even Oil took its toll.
These has reduced the country’s export revenue affecting reserves. Zambia on
the other hand had major tax related conflicts with Miners hurting operations.
The post above and its ensuing comments, if any, is purely
the opinion of the writer(s). It therefore should never be considered as an
investment advise of any sort. If required, readers should please consult a
competent professional financial adviser for any investment decision.
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