According to a recent ranking of currency performance by Bloomberg, the Cedi ranks second worst globally behind Sri Lanka’s Rupee.
The Cedi came in last but one among the 150 currencies monitored by Bloomberg in terms of performance from the year’s commencement.
The Cedi has experienced significant exchange rate pressure in less than 8 months as a result of its ongoing devaluation against some important world currencies, including the Dollar, Pound, and Euro.
The Bank of Ghana’s statistics show that the Cedi started the year at a rate of $1 to GH6.02 (GH).
In less than 20 days, traders required an average of GH9.37 to purchase $1.00, compared to a month ago when one could swap $1.00 for GH7.43.
This indicates that in less than eight months, the Cedi has lost the majority of its value relative to the Gh. 3.30.
Earlier, reports suggested that some social intervention programmes by the government risk being canceled as the country seeks a bailout from the International Monetary Fund (IMF).
Ghana is currently in economic distress and the government blames it on the COVID-19 pandemic and the Russia and Ukraine conflict.