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.
The cedi and dollar have decided to continue with their long distance, abusive and toxic relationship today.
— nana aba (@thenanaaba) October 18, 2022
Ghana’s cedi is now world’s worst-performing currency against US dollar
— Naija (@Naija_PR) October 17, 2022
The Cedi is a dead loss against the US dollar and thanks to Akuffo Addo #JoySMS
— MR BAGYI (@BagyiAdamHafiz) October 19, 2022
“The depreciation of the cedi falls squarely on the shoulders of the governor of the Bank of Ghana, he has failed. When he was appointed the cedi was about 4 cedis to the dollar” – Edgar Wiredu, Insurance Practitioner
— Kafui Dey (@KafuiDey) October 19, 2022
Ghana’s cedi has earned the last position. And yet we are told that our FM has performed his duties extraordinaire! I couldn’t agree more with the president because for the very first time in the 4th Republic we have a junk currency
— Juliana Abane, PhD (@JulianaAbane) October 18, 2022
If the cedi were a playlist what songs would be on it…
— M.anifest – Madina to the Universe (@manifestive) October 18, 2022
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.