Renowned international economist at the Johns Hopkins University in the USA, Professor Steve Hanke has described the Ghanaian cedi as a ‘central bank junk currency’.
Junk currencies are simply those whose values are unreliable in both the international and domestic markets.
In a tweet, the US-based economist ranked the Ghana cedi in 16th place out of 18 other currencies on his Currency Watchlist – due to the persistent depreciation of the currency against others.
“By my calculations, the Ghana cedi has depreciated 29.5% against the USD since January 2020. The Ghanaian cedi is a central bank junk currency,” he shared on Twitter.
Meanwhile, it would not be the first time Professor Steve Hanke has painted a gloomy picture of Ghana’s economic indicators.
