Africa Business Ghana West Africa World 

Ghana’s cedi is the world’s worst-performing currency

– –

Ghana’s currency the cedi on Monday become the world’s worst-performing currency in 2022.

The West African nation is facing serious economic crisis and now in discussions with the International Monetary Fund for a bailout.

The depreciating levels of the cedi though is compounding the economic plights of citizens and businesses.

This year the cedi has lost value to more than 45%, the most among 148 currencies tracked by Bloomberg.

It now trading at 11.2750/$ in the capital, Accra this week as it approaches 12/$. This trend of decline of the cedi has accelerated since the beginning of 2022.

– –

The currency has overtaken the losses of the Sri Lankan rupee, which has slid nearly 45% this year as the country also seeks an IMF loan following a debt default.

Citizens have been venting their frustrations at the depreciation of the cedi this year.

– –

Ghana is not the only country battling with its currency. Kenya is also in the news for this reason.

Ghana is hoping to access a credit facility worth $3bn in loans over three years to help address its challenges.

The IMF has been slow to yield to Ghana’s request as they require a debt sustainability plan, before lending the country its requested billion bailouts.


Sourced from Africa Feeds

Related posts