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.
