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Cedi Rated World’s Worst-Performing Currency Against The Dollar
The Ghana cedi is currently the world’s worst-performing currency against the US dollar, Bloomberg reports have indicated.
The currency has continually depreciated against the dollar in the last couple of months.
This has been attributed to the situation where “wait-and-see investors continued to squeeze foreign capital to the west African country before its deal with the International Monetary Fund.”
Bloomberg noted that the cedi lost about 45.1% to the US dollar this year to sell at GH¢11.2625 per dollar.
This makes the cedi’s depreciation the worst among 148 currencies tracked by Bloomberg, overtaking Sri Lanka’s rupee whose depreciation has been 44.7%.
The woes of the cedi, however, have no stated end in sight, but Ghana is currently engaging the IMF on financial bailout and assistance.
But it is currently unclear when the country will receive the funds from the Bretton Woods institution.
