Ghanaian cedi has drastically depreciated, becoming the worst-performing currency in the world after it lost 45.1 percent of its value to the US dollar.
Gatekeepers News quotes a report by Bloomberg which says that the currency of the world’s second-biggest cocoa producer depreciated 3.3 percent on Monday to 11.2750 per dollar.
According to the report, the cedi’s poor performance against the dollar was the worst among the 148 currencies it monitored.
The development means the cedi has swapped positions with the Sri Lankan rupee, which is now the second worst performer with a 44.7 percent drop to the greenback this year.
Ghana, in July, sought a loan bailout programme from the International Monetary Fund (IMF) to restore macroeconomic stability.
The economic woes and spiraling inflation in the West African country had forced hundreds of citizens to take to the streets to demonstrate against price hikes, a tax on electronic payments, and other levies.
Bloomberg said Ghana is hoping to receive up to $3 billion in loans for over three years under the IMF arrangement to spur its finances and support the balance of payments.
Other African currencies that also depreciated against the greenback in recent months include Nigeria’s naira and South Africa’s rand.
