Cedi Becomes Worst Performing Currency In The World Against Dollar According To Bloomberg

• The Ghana cedi has been tracked among 148 currencies globally and declared as the worst performing currency against the dollar
• According to Bloomberg, the Ghana cedi switched places with the Sri Lankan rupee after losing 3.3% of its value to the US dollar on Monday
• The cedi is currently trading at GH¢11.2750 to the US$1 on the interbank market

The Ghanaian cedi has emerged as the world’s worst performing currency after losing over 45% of its value to the United States dollar this year.

Bloomberg reports on that the cedi lost 3.3% of its value against the dollar on Monday, October 17, 2022, to sell at GH¢11.2750 to the US$1.

January to October 2022, the cedi has depreciated by 45.1% to the dollar, the worst among 148 currencies tracked by Bloomberg.

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This means that the Ghana cedi has switched places with the Sri Lankan rupee, which is now the second worst performer.

The Sri Lankan rupee has lost 44.7% of its value to the US dollar this year.

Ghana is facing tough economic times characterised by skyrocketing inflation.

The situation is so bad that Ghana’s finance minister Ken Ofori-Atta was forced to eat humble pie when he run to the International Monetary Fund (IMF) for a bailout programme.

The minister had boasted a month earlier that Ghana, a “proud nation and a proud people”, did not need the IMF to restore macro-economic stability.

Akufo-Addo Praises Ofori-Atta’s "Excellent" Performance As Finance Minister

YEN.com.gh reported in a previous story that president Akufo-Addo on Monday silenced calls to sack Ken Ofori-Atta as finance minister over Ghana’s current economic hardship.

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The president caused a stir when he told a radio station in Kumasi on Monday, October 17, 2022, in the Ashanti Region that he has confidence in the minister’s ability to revive the economy.

“I came to office in 2017 under a stringent IMF programme. This same man was able to manage the affairs of our economy in such a way that in my first term, we were one of the fastest-growing economies in the world,” he told OTEC FM.

Source: YEN.com.gh