Ghanaian Cedi Becomes World Worst-Performing Currency Against US Dollar
The Ghanaian cedi has become the world’s worst performing currency after losing 45.1% of its value against the US dollar this year.
The currency of the world’s second-largest cocoa producer tumbled 3.3 percent to 11.2750 to the dollar on Monday, according to Bloomberg.
The media said the cedi’s underperformance against the dollar was the worst of the 148 currencies it tracks.
With the move, the cedi shifted against the Sri Lankan rupee, which is now the second worst performer, down 44.7% against the dollar this year.
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In July, Ghana contacted the International Monetary Fund (IMF) to design a rescue program to restore macroeconomic stability.
The West African country’s economic woes and rising inflation have forced hundreds of citizens to take to the streets to protest price increases, a tax on electronic payments and other fees.
Bloomberg said Ghana expects to receive up to $3 billion in loans over three years under the IMF deal to boost its finances and strengthen its balance of payments.
Along with the Ghanaian cedi, other African currencies that have rapidly depreciated against the dollar in recent months include the Nigerian naira and the South African rand.