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Cedi classified as worst performing currency in the world after Sri Lanka's Rupee - Bloomberg survey

Cedidfd The cedi has been ranked as the worst performing currency among 150 currencies in the world

Wed, 17 Aug 2022 Source: www.ghanaweb.com

The Ghana cedi has now been classified as the worst performing currency in the world after Sri Lanka's Rupee, a recent currency performance ranking by Bloomberg has shown.

The survey by the international news organisation showed the Cedi came in the last but one place among other 150 currencies in the world in terms of performance since the start of 2022.

Bloomberg said the results came after it tracked the performance of 150 currencies in the world.

Since the start of this year, the Ghana cedi has suffered persistent depreciation against major trading currencies, especially the US dollar.

The fall in the currency is due to demand for forex as it overtook supplies during a period when high debts and low investor confidence have made it impossible for Ghana to access the international capital market for borrowing.

As of July, this year, the cedi lost its value by more than 20 percent. The local currency is now trading above GH¢10.00 to one US dollar on the exchange rate market.

Meanwhile, the Bank of Ghana has given the assurance that it is implementing measures aimed at addressing the fall of the cedi against major trading currencies.

In a note sighted by GhanaWeb, the central bank said it was increasing foreign currency (FX) supplies to banks in the short term in order to help meet growing FX demands for external payments.

The BoG explained the move was due to rising demand for hard currencies by non-resident investors leaving the country.

MA/FNOQ

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Source: www.ghanaweb.com
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