Cedi Depreciation: Local Currency Moves From Worst To Best Performer Against US Dollar

• The Ghanaian cedi has moved from the worst to the best performer against the US dollar
• This comes after Bloomberg compared the local currency to some 150 currencies worldwide
• A few months ago, the cedi was tagged the worst performer against the dollar after it suffered a free fall in value

Bloomberg has tagged the Ghanaian cedi as the best-performing currency against the US dollar.

This comes after the local currency was compared to some 150 currencies across the globe.

Cedi Emerges As Best-Performing Currency Against The US Dollar

The results indicate that the cedi emerged as the best-performing currency against the dollar after it appreciated in value for 5 straight days.

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Finance Ministry ‘celebrates’ cedi’s recent gains against US dollar

The cedi which has lost more than 50% of its value this year gained 10% against the greenback. The cedi to dollar depreciation saw the local currency trading as high as GH¢15 to $1. The situation has however improved as it currently trades a little above GH¢12.50 to the dollar.

A few months ago, the cedi was tagged as the worst performer against the USD, relieving the Sri Lanka rupee of this unenviable position.

Free Fall Of Cedi Contributed To Ghana's Current Economic Crisis

The free fall of the cedi is said to have contributed to the current economic crisis which has led to the country’s return to the International Monetary Fund (IMF) for an economic bailout package.

Cedi Slumps To Three-Decade Record Low Against US Dollar; Ranked Second-Worst Performing Currency In The World

Earlier, YEN.com.gh in October reported that the Ghanaian cedi has been ranked the second-worst performing currency in the world after it lost 40% of its value to the US dollar.

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Ghana under Akufo-Addo behaves like rich sultanate in the gulf - Bright Simons

According to Bloomberg, in just nine months of 2022, the cedi lost so much value making it the 147th worst currency worldwide.

The massive decline of the cedi against the American currency made it the worst in over three decades.

Cedi Ranked Worst Performing Currency In The World: Bloomberg Rates Sri Lankan Rupee Better Than Cedi

Meanwhile, in August YEN.com.gh reported that the cedis’ woes seemed so deep that a performance ranking scored it as the worst-performing currency in the world, even worse than the Rupee of politically destabilised Sri Lanka.

Bloomberg said it tracked the performance of 150 currencies worldwide since January 2022 to arrive at its bleak verdict on the Ghanaian cedi in August.

Source: YEN.com.gh