Report: Ghanaian Cedi Slides Further Versus the US Dollar to Become World's Worst-Performing Currency
As Ghana waits for a financial bailout from the International Monetary Fund (IMF), the country’s currency continued its slide versus the dollar after the respective currencies’ exchange rate slipped to just under C15:$1. Following this latest plunge, the cedi has now depreciated by more than 55% in 2022 and this makes it the world’s worst-performing currency. World’s Worst Performing Currency The depreciating Ghanaian currency — the cedi — recently touched a new low versus the U.S. dollar on the forex parallel market after it reportedly slipped by 12% in just four days. Reports of the Ghanaian currency slumping to a new low versus the greenback came shortly after the cedi’s 3.3% slip on October 17 confirmed its new status as the world’s worst-performing currency. According to the Myjoyonline report, the acute shortage of U.S. dollars among banks and bureaux de change is the primary reason why the cedi has now fallen by more than 50% since the start ...