After suffering a decline in value relative to the US dollar of 45.1% throughout the course of 2022, the Ghanaian cedi has emerged as the worst-performing currency in the world.
On Monday, the currency of the nation that is the world’s second-biggest producer of cocoa fell by 3.3 percent against the dollar, taking it to a rate of 11.2750 per dollar.
According to the information provided by the media outlet, the performance of the cedi against the dollar was the weakest of the 148 currencies that it monitored.
As a result of this turn of events, the Ghanaian cedi has replaced the Sri Lankan rupee as the currency that has performed the worst against the United States dollar this year, with a decline of 44.7 percent.
In July, Ghana initiated discussions for a bailout program with the International Monetary Fund (IMF), with the goal of restoring macroeconomic equilibrium.
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The economic troubles and escalating inflation in the West African nation have forced hundreds of its inhabitants to take to the streets in order to demonstrate against price hikes, a tax on electronic payments, and other forms of taxation.
According to Bloomberg, in order to stimulate its finances and sustain the country’s balance of payments, Ghana is looking to obtain up to $3 billion in loans over the course of three years as part of a deal with the IMF.
In addition to the Ghanaian cedi, other African currencies such as the Nigerian naira and the South African rand have experienced fast depreciation in recent months in comparison to the value of the United States Dollar.
