Ghana’s cedi has been ranked as the worst-performing currency in the world after it dipped 45.1 percent of its value to the US dollar this year.
Bloomberg in a report said cedi fell by 3.3 to 11.2750 per dollar on Monday.
According to Bloomberg, despite being the world’s second-biggest cocoa producer, the current value of the cedi against the dollar was the worst among 148 currencies considered.
This made the cedi switch positions with the Sri Lankan rupee, which is now the second worst performer with a 44.7 percent drop to the greenback this year.
Ghana had in July asked the International Monetary Fund, IMF, for bailout programme to bring back macro-economic stability.
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The inflation in the West African nation prompted several citizens to march against price increase, taxation of electronic payments among others.
Bloomberg stated that Ghana is relying on an expected $3 billion in loans for over three years under the IMF arrangement to spur its finances and support the balance of payments.
A host of other African currencies have equally lost their value against the dollar. Among them are Nigeria’s naira and Africa’s rand.
Source: Cable
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