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Wednesday, February 1, 2023

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Bloomberg: The worst-performing currency in the world is the cedi against the dollar.

 

Cedi notes

According to Bloomberg statistics, the Ghana cedi is currently the currency that has performed the poorest globally when compared to the US dollar.

Over the past few months, the value of the currency has been steadily declining in relation to the dollar.

This is linked to the fact that prior to the country’s agreement with the International Monetary Fund, “wait-and-see investors continued to squeeze foreign capital into the west African country.”

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According to Bloomberg, the cedi fell by around 45.1% against the US dollar this year, selling for GH11.2625 per dollar.

This places the cedi’s decline above Sri Lanka’s rupee, whose depreciation has been 44.7%, among 148 currencies tracked by Bloomberg.

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However, there is no clear end in sight to the cedi’s problems, thus Ghana is currently talking to the IMF about a financial bailout and help.

However, it is not yet certain when the nation would get the money from the Bretton Woods institution.

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Bloomberg: The worst-performing currency in the world is the cedi against the dollar.
Bloomberg: The worst-performing currency in the world is the cedi against the dollar.

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