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It’s official: Ghanaian Cedi designated world’s worst-performing currency in 2022

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The Ghanaian Cedi has been officially designated as the world’s worst-performing in 2022 as investors continued to squeeze foreign capital into the West African country, according to report by Bloomberg on Tuesday.

According to the international business media platform, the Cedi took a further slump on Monday and depreciated as much as 3.3%, before paring the loss to 11.2750 to the dollar in the capital, Accra, taking its losses this year to more than 45%, the most among 148 currencies tracked by Bloomberg.

The decline of the Cedi has accelerated since the beginning of the year. Ghana has, for the past two months, been in formal negotiations with the International Monetary Fund for an extended credit facility with the hope of receiving $3bn in loans over three years, the media platform said.

“Ghana’s gross international reserves has been on a steady decline, slumping to $6.6bn in end-September, enough to cover only just under three months of imports. That was down from $10.7bn a year earlier, which gave nearly five months of import cover.

“The currency has overtaken the losses of the Sri Lankan rupee, which has slid nearly 45% against the greenback this year as the country also seeks to unlock an IMF loan following a debt default,” the Bloomberg report said.

The West African country had earlier in the year, sought help from the International Monetary Fund (IMF) after losing access to the Eurobond market, as homegrown policies, including cutting 2022 discretionary expenditure by up to 30%, failed to stem a selloff in its international bonds.

However, the IMF has been slow to yield to Ghana’s request as they require a debt sustainability plan, before lending the country its requested billion bailouts, something the government has failed to guarantee.

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Mozambique President Filipe Nyusi, TotalEnergies, discuss over gas project

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Discussion on the humanitarian situation in the Cabo Delgado area in Mozambique is ongoing between The head of TotalEnergies and Mozambique President Filipe Nyusi.

TotalEnergies’ chairman and chief executive Patrick Pouyanne had visited the Cabo Delgado area to review the security and humanitarian situation, and Pouyanne had met the Mozambique President during his trip.

The multinational revealed that it has engaged Jean-Christophe Rufin, whom it said was an expert in humanitarian action and human rights, with an independent mission to assess the humanitarian situation in Cabo Delgado province.

Pouyanné said, “since 2021, the situation in Cabo Delgado province has improved significantly, thanks in particular to the support provided by the African countries that committed themselves to restore peace and security.”

“The mission entrusted to Jean-Christophe Rufin should enable Mozambique LNG’s partners to assess whether the current situation allows for a resumption of activities while respecting human rights,” he added.

A force majeure’ was declared in 2021 on TotalEnergies’ Mozambique LNG project, valued at $20 billion, due to regional unrest after an insurgent group linked to Islamic State attacked the northern town of Palma.

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Sierra Leone, Liberia, 2 others, receive $311 million from World Bank for renewables

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Four West and Central African countries are set to receive aid worth $311 million from the World Bank after signing an agreement that would improve renewable energy projects.

The countries, Sierra Leone, Liberia, Togo, and Chad will receive funds will finance around 106 megawatts (MW) of solar power generation capacity with battery energy and storage systems, and a 41 MW expansion of hydroelectric capacity.

Commenting on the development, Sierra Leone President Julius Maada Bio, who presided over the signing ceremony on Wednesday, said the deal was the beginning of a revolution in energy supply and access in the respective countries.

“We are paying far more for energy now than we were 18 months ago. Very high and rising energy prices continue to have an adverse impact on other sectors of our economies,” Maada Bio said.

The World Bank’s Director for Regional Integration, Boutheina Guermazi said the project was the first time four countries had been brought together for a regional energy approach.

“It is a continental approach to make sure that we reach universal access to clean affordable energy by 2030,” Guermazi said, adding that the project would be completed in four years.

The West and Central sub-regions of Africa have one of the lowest electrification rates coupled with some of the highest electricity costs in Sub-Saharan Africa.

Under a new World Bank Regional Emergency Solar Power Intervention Project, the West Africa Power Pool, a regional approach to improve electricity in the sub-region, will also receive some funds approved in December.

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