Bloomberg’s latest report has tagged the Ghana Cedi as the worst performing currency in the world currently.
Gatekeepers News reports that Bloomberg said the Ghana Cedi is currently in tatters, having depreciated by over GHC2 in the last week, adding to the ever-depreciating currency against major foreign currencies.
Bloomberg indicated, “The Cedi fell 1.6% on Tuesday, August 16, extending this year’s slump to 35% and making it the world’s worst performer among 150 currencies tracked, after bankrupt Sri Lanka’s rupee.”
It tracked the performance of 150 currencies in the world and the Cedi placed last in terms of performance since the beginning of the year.
According to the report, the Cedi in the past 8 months, has come under intense exchange rate pressure due to its continuous depreciation to some major international currencies such as the Dollar, Pound and Euro.
Data put out by the Bank of Ghana showed that the Cedi began the year at $1.00 to GH¢6.02.
Just a month ago, one could exchange $1.00 for GH¢7.43, and in less than 20 days, traders needed an average of GH¢9.37 to buy $1.00.
This indicated that the Cedi has lost most than GH¢3.30 of its value to the dollar in less done 8 months.
Meanwhile, Ghana’s economy is struggling to survive as inflation continues to dictate its fall and this is already being felt by the ordinary Ghanaian.
Ratings from Fitch and S&P also saw the Cedi rating falling further to junk this month.
