According to a recent rating of currency performance by Bloomberg, the Cedi has had the worst return globally.
According to Bloomberg, which monitored the performance of 150 different currencies throughout the world, the Cedi has had the worst performance since the year’s beginning.
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.
According to Bloomberg, Cedi has the lowest currency performance worldwide.
According to a statement issued by the Bank of Ghana, the Monetary Policy Committee is scheduled to meet today to “evaluate recent developments in the economy” in order to address the exchange rate issues.
That comes after it maintained borrowing costs at 19% last month on hopes that inflation may be slowing down and to give the economy time to adjust to a total of 550 basis points of rate increases since November.
Following the Bank of Uganda, the central bank is the second in sub-Saharan Africa to hold an emergency meeting since the conflict between Russia and Ukraine started in February.
The meeting follows the announcement by regulators on Monday that water and energy rates will increase by 22% and 27%, respectively, starting in the next month.
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