Cedi now the worst performing currency in the world – Bloomberg

Cedi falls at GHC10.00 per a dollar
As inflation keeps dictating its decline, Ghana’s economy is fighting for its life. The effects of the Cedi’s ongoing decline are already being felt by the average Ghanaian.

The latest update from Bloomberg indicates that the Ghanaian Cedi is now the worst performing currency in the world.

The Ghana Cedi is currently in ruins, according to Bloomberg, having lost more than GHC2 in value over the past week alone, aggravating the currency’s ongoing depreciation versus key foreign currencies.

As inflation keeps dictating its decline, Ghana’s economy is fighting for its life. The effects of the Cedi’s ongoing decline are already being felt by the average Ghanaian.

This month, the Cedi rating sank even lower to junk according to ratings from Fitch and S&P.

The Central Bank is holding an emergency meeting of the Monetary Policy Committee (MPC) today due to the current economic difficulties. During the meeting, the BoG is anticipated to “examine recent developments in the economy.”

The Cedi has experienced significant exchange rate pressure in less than 8 months as a result of its ongoing devaluation against some important world currencies, including the Dollar, Pound, and Euro.

The Bank of Ghana’s statistics show that the Cedi started the year at a rate of $1 to GH6.02 (GH). In less than 20 days, traders required an average of GH9.37 to purchase $1.00, compared to a month ago when one could swap $1.00 for GH7.43.

This indicates that in less than eight months, the Cedi has lost the majority of its value relative to the Gh. 3.30.

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According to Bloomberg, which monitored the performance of 150 different currencies throughout the world, the Cedi has had the worst performance since the year’s beginning.

The Cedi has experienced significant exchange rate pressure in less than 8 months as a result of its ongoing devaluation against some important world currencies, including the Dollar, Pound, and Euro.

“The Cedi fell 1.6% on Tuesday, August 16, extending this year’s slump to 35% and making it the world’s worst performer among 150 currencies tracked, after bankrupt Sri Lanka’s rupee,” Bloomberg stated.

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