Not so good news from Bloomberg about Ghana Cedi as it has been declared the worst performing currency worldwide.
Bloomberg stated that Ghana cedi has depreciated by over GHC2 in the last week, compounding the ever-depreciating currency against major foreign currencies.
Sharing the Bloomberg statement;
The Cedi fell 1.6 % on Tuesday, August 16, extending this year’s slump to 35 % and making it the world’s worst performer among 150 currencies tracked, after bankrupt Sri Lanka’s rupee.
Bank of Ghana data shows the Cedi began the year at $1.00 to GHC 6.02 as exchange rate.
Last month, the exchange rate was at $1.00 for GHC 7.43 and in less than 20 days, traders need an average of GHC 9.37 to buy $1.00.
This means Ghana cedi has lost more than GHC 3.30 of its value to the dollar in less done 8 months.
The continuous fall of the Cedi is unfortunately being felt even by the ordinary Ghanaian as reflected in the struggling economy whereby many people barely meet their basic needs like three meals a day currently.
