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| Dollar-Cedi:Cedi world's worst-performing currency-Bloomberg. |
According to data from Bloomberg, the Ghana cedi is now having the poorest performance of any currency in the world when measured against the dollar.
During the last several months, the value of the currency has steadily decreased in comparison to that of the dollar.
The fact that "wait-and-see investors continued to squeeze foreign cash into the west African country before its contract with the International Monetary Fund" has been cited as the reason for the crisis.
According to Bloomberg, the exchange rate for the cedi against the US dollar during this year was around 451% weaker, resulting in a price of GH¢11.2625 per dollar.
This makes the depreciation of the cedi, the worst of any of the 148 currencies that are monitored by Bloomberg, surpassing that of the rupee of Sri Lanka, whose fall has reached 447%.
Despite the fact that there is now no known solution in sight for the problems facing the cedi, Ghana is currently in discussions with the IMF about a financial rescue and support.
However, it is unknown at this time when the government would get the money from the Bretton Woods organisation.
Also Read: Ghana Cedi is worst performing currency against US dollar-World Bank.
Source: ghananews.hrforum.uk
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