The Director of Research at the Institute of Economic Affairs (IEA) Dr John Kwakye has called for urgent interventions by the Bank of Ghana (BoG) and the Ministry of Finance to stop the woes of the Cedi.
The Cedi has been reported by Bloomberg to be the world’s worst-performing currency this year as investors continued to squeeze foreign capital to the west African country before a deal with the International Monetary Fund.
The currency of the world’s second-biggest cocoa producer depreciated as much as 3.3% Monday, before paring the loss to 11.2750 per dollar at 3:30 p.m. in the capital Accra. That took its losses this year to more than 45%, the most among 148 currencies tracked by Bloomberg.
Commenting on this, Dr Kwakye tweeted “Urgent interventions are needed to stop the haemorrhaging of the cedi.”