Report: Ghanaian Cedi Slides Further Versus the US Dollar to Become World’s Worst-Performing Currency

As Ghana waits for a fiscal bailout from the International Monetary Fund (IMF), the country’s currency continued its descent versus the dollar aft the respective currencies’ speech complaint slipped to conscionable nether C15:$1. Following this latest plunge, the cedi has present depreciated by much than 55% successful 2022 and this makes it the world’s worst-performing currency.

World’s Worst Performing Currency

The depreciating Ghanaian currency — the cedi — precocious touched a caller debased versus the U.S. dollar connected the forex parallel marketplace aft it reportedly slipped by 12% successful conscionable 4 days. Reports of the Ghanaian currency slumping to a caller debased versus the greenback came soon aft the cedi’s 3.3% gaffe connected October 17 confirmed its caller presumption arsenic the world’s worst-performing currency.

According to the Myjoyonline report, the acute shortage of U.S. dollars among banks and bureaux de alteration is the superior crushed wherefore the cedi has present fallen by much than 50% since the commencement of 2022. To enactment this assertion, the study cites grounds from 1 unnamed banking enforcement who urged monetary authorities to marque a speedy and decisive determination to halt the currency’s decline. Another unnamed banking enforcement suggested that individuals’ hoarding of the U.S. dollar whitethorn beryllium compounding the cedi’s woes arsenic well.

Ghana Eagerly Awaits IMF Bailout

However, successful a antithetic report, Myjoyonline quotes Ghana’s Finance Minister, Ken Ofori-Atta, who expressed his astonishment astatine the cedi’s accelerated depreciation. He claimed that Ghanaians importing goods earmarked for the upcoming Christmas holidays are partially to blasted for the currency’s collapse.

“It’s rather perplexing to spot wherever it’s going. Of course, typically successful October, radical are importing for Christmas and possibly there’s a unreserved for that (the dollar) but my anticipation is that erstwhile we besides reason with the Fund (IMF), that volition pb to the fund’s disbursement aboriginal adjacent twelvemonth to bash that,” Ofori-Atta reportedly said.

Also, successful the report, the Finance Minister appeared to connote that erstwhile the IMF’s bailout funds are disbursed, the cedi volition stabilize. Ofori-Atta besides implored Ghanaians to debar panicking arsenic doing this tends to “put unit connected the currency.” He besides insisted Ghana’s system is successful information “in bully shape.”

Meanwhile, astatine the clip of writing, immoderate media reports suggested the cedi had mislaid further crushed versus the greenback and was present trading astatine conscionable nether C15:$1. According to a Myjoyonline report, this speech complaint betwixt the 2 currencies suggests that the cedi’s depreciation against the greenback present exceeds 55%.

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