Ghanaian cedi is world’s worst-performing currency

The Ghanaian currency, Cedi, has become the worst performing currency in the world.

Ikeanumba Africa magazine gathered that the cedi fell to as much as 3.3 per cent on Monday, October 17, 2023, to exchange for 11.2750 cedis per dollar as of Monday afternoon in the capital, Accra.

This year, the cedi has lost more than 45 per cent of its value, the highest among 148 currencies that Bloomberg tracked.

With the slide, the Ghanaian currency has overtaken the Sri Lankan rupee’s losses, slumping nearly 45% against the United States’ dollar this year amid socio-economic challenges.

Ghana seeks IMF help

To stop the slide, the Ghanaian monetary authorities formally negotiate with the IMF for an extended credit facility.

The country hoped to receive up to $3 billion in loans over three years to stabilise the balance of payments and also fight depreciation.

Ghana’s gross external reserves is currently at $6.6 billion as of September, which could cover only 2.9 months of imports, a decline from $10.7 billion a year before.