GH Cedi worst performing currency after Rupee - Bloomberg.

The Ghana Cedi (GH¢).

Bloomberg's latest rating of global currency performance places the Cedi just above the Sri Lankan Rupee as the worst-performing currency.

Since the beginning of the year, Bloomberg has been tracking the performance of 150 different currencies throughout the globe. The Cedi has performed worse than all but one of these currencies.

The Cedi has been under significant pressure on the exchange rate in a very short period of time (less than 8 months), owing to its continual devaluation against certain major international currencies such as the US Dollar, the British Pound, and the Euro.

The Bank of Ghana reports that at the start of 2018, one dollar was equivalent to GH¢6.02 in Cedi value.

One dollar now costs an average of GH¢9.37 on the market, up from $1.00 and GH¢7.43 only 20 days ago.

This implies that the Cedi has lost more than GH¢3.30 against the dollar in a little over 8 months.

To address the exchange rate problems, the Monetary Policy Committee is expected to meet today to “review recent developments in the economy,” according to a statement released by Bank of Ghana.

That comes after it maintained borrowing prices at 19% last month on hopes that inflation may be slowing down and to give the economy time to adjust to a total of 550 basis points of rate increases since November.

Following the Bank of Uganda, the central bank is the second in sub-Saharan Africa to convene an emergency meeting since the conflict between Russia and Ukraine started in February.

The meeting follows the announcement by regulators on Monday that, water and energy rates would increase by 22% and 27%, respectively, starting in the next month.

Source: ghananews.hrforum.uk