The Ghanaian cedi incessant falls, has made it to become the worst performing currency in the world after it lost 45.1 percent of its value to the US dollar this year.
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A Luna coin was going for around $116 in April and ended up dropping to a fraction of a penny before being delisted. Before that, the coin went from being worth less than $1 in early 2021 to creating many crypto millionaires within a year. The Luna fall into inexistence can comparatively describe the current woes cedi is facing.
According to news report, the currency of the world’s second-biggest cocoa producer depreciated 3.3 percent on Monday to 11.2750 per dollar.
The media company said the cedi’s poor performance against the dollar was the worst among 148 currencies tracked by it.
With the development, the cedi has switched positions with the Sri Lankan rupee, which is now the second worst performer with a 44.7 percent drop to the greenback this year.
In July, Ghana started engaging with the International Monetary Fund (IMF) for a bailout programme to restore macro-economic stability.
The economic woes and spiraling inflation in the West African country had forced hundreds of citizens to take to the streets to demonstrate against price hikes, a tax on electronic payments, and other levies.
Bloomberg said Ghana is hoping to receive up to $3 billion in loans over three years under the IMF arrangement to spur its finances and support the balance of payments.