Ghana cedi be de worst performing currency in de world? 

One Bloomberg report don put Ghana cedi as currently de worst-performing currency against de US dollar in de world.  Dis na as de economy of Ghana dey go through troubling times since de beginning of 2022. In de latest tracking of 148 currencies across de World, dem project say de cedi depreciate by about 45% dis year.  On Monday alone, Bloomberg report say de cedi depreciate by 3.3% to trade at Ghc11.2750 to $1 dollar.  But how locals and experts rate dis report? According to Ghanaian economist, Professor Godfred Bokpin, de cedi depreciate even more on de black market where e dey trade at over Ghc12 to $1 dollar. Ghanaian Economist Professor Godfred Bokpin talk BBC Pidgin say “dis be consistent with wanna understanding, de dimension dem bring be de comparative analysis currency dem do by tracking currency performance across de world.” “If you check de data dem put out you no fit challenge dia report, e dey mirror de reality particularly for us wey dey Ghana” he add. According to de Economist, “de report confirm domestic policy failure and not external shocks like de Russia-Ukraine, Covid-19.” He explain say Russia-Ukraine and Covid-19 no affect only Ghana, so for de Ghana cedi to perform dis poorly dey show internal challenges. 'Ghana cedi go continue to fall until IMF bailout' “IMF program go offer some level of stability, what program go bring on Baird dey go beyond $3billion dollars” Professor Bokpin talk.  What dey undermine de performance of de cedi be lack of confidence in de economy, lack of confidence by foreign investors and even local. Ghana govment loose policy credibility, you dey need external anchor like de IMF which go bring back some level of credibility, that way, “de real benefit of IMF program dey go beyond financial inflows.” How Ghana move from best to worst performing currency in two years In February 2020, Global financial news, research and data organisation Bloomberg report say Ghana cedi be de best performing currency against de US dollar in de world for start of 2020. During dis time, Bloomberg report say de currency of Ghana, de world's second-biggest cocoa producer strengthen by 3.9% in 2020, de strongest in over 140 currencies wey dem dey track.  Dem explain say dis be massive turnaround from 2019 when de Ghana cedi weaken by up to 13%. Fast forward two years later, de cedi move from best performing currency to de worst. Ghanaian Economist, Professor Godfred Bokpin believe say govment bring dis on dia self. “Dem delay in reaching out to de IMF, like dem for make de call last year.” “At de beginning of dis year, we insist say govment for make de call to IMF sake of dem dey move dangerously” he add. What happen during dia delay be say little assurance dey in terms of fiscal sustainability which one go fit deduce from de 2022 budget.  He explain say govment no get de monies to support dia 2022 budget, something which make dem start dey find ways to generate money locally like through de electronic transactions levy. Dia failure to recognize de need to go to IMF on time cause de devastation which Ghana dey go through right now. How inflation cause economic challenges for Ghana Inflation rate for Ghana reach one of de highest in de history of de country as e catch 37%. According to Ghana Statistical Service, inflation hit 37.2% for de month of September, dis be de highest in over 20 years. Starting de year around 13.9%, de inflation rate shoot up de price of food, goods and services, living costs den tins.  De hikes in fuel prices also add on to de cost of living as transport affect most parts of de Ghanaian economy. Ghana Union of Traders Association (GUTA) say dem go embark on protest on Wednesday, Octobern 19 to resgister dia displeasure over de economic woes dem dey face. Ghana govment never yet react to di latest report wey put de Cedi as de worst performing currency.

One Bloomberg report don put Ghana cedi as currently de worst-performing currency against de US dollar in de world.  Dis na as de economy of Ghana dey go through troubling times since de beginning of 2022. In de latest tracking of 148 currencies across de World, dem project say de cedi depreciate by about 45% dis year.  On Monday alone, Bloomberg report say de cedi depreciate by 3.3% to trade at Ghc11.2750 to $1 dollar.  But how locals and experts rate dis report? According to Ghanaian economist, Professor Godfred Bokpin, de cedi depreciate even more on de black market where e dey trade at over Ghc12 to $1 dollar. Ghanaian Economist Professor Godfred Bokpin talk BBC Pidgin say “dis be consistent with wanna understanding, de dimension dem bring be de comparative analysis currency dem do by tracking currency performance across de world.” “If you check de data dem put out you no fit challenge dia report, e dey mirror de reality particularly for us wey dey Ghana” he add. According to de Economist, “de report confirm domestic policy failure and not external shocks like de Russia-Ukraine, Covid-19.” He explain say Russia-Ukraine and Covid-19 no affect only Ghana, so for de Ghana cedi to perform dis poorly dey show internal challenges. 'Ghana cedi go continue to fall until IMF bailout' “IMF program go offer some level of stability, what program go bring on Baird dey go beyond $3billion dollars” Professor Bokpin talk.  What dey undermine de performance of de cedi be lack of confidence in de economy, lack of confidence by foreign investors and even local. Ghana govment loose policy credibility, you dey need external anchor like de IMF which go bring back some level of credibility, that way, “de real benefit of IMF program dey go beyond financial inflows.” How Ghana move from best to worst performing currency in two years In February 2020, Global financial news, research and data organisation Bloomberg report say Ghana cedi be de best performing currency against de US dollar in de world for start of 2020. During dis time, Bloomberg report say de currency of Ghana, de world's second-biggest cocoa producer strengthen by 3.9% in 2020, de strongest in over 140 currencies wey dem dey track.  Dem explain say dis be massive turnaround from 2019 when de Ghana cedi weaken by up to 13%. Fast forward two years later, de cedi move from best performing currency to de worst. Ghanaian Economist, Professor Godfred Bokpin believe say govment bring dis on dia self. “Dem delay in reaching out to de IMF, like dem for make de call last year.” “At de beginning of dis year, we insist say govment for make de call to IMF sake of dem dey move dangerously” he add. What happen during dia delay be say little assurance dey in terms of fiscal sustainability which one go fit deduce from de 2022 budget.  He explain say govment no get de monies to support dia 2022 budget, something which make dem start dey find ways to generate money locally like through de electronic transactions levy. Dia failure to recognize de need to go to IMF on time cause de devastation which Ghana dey go through right now. How inflation cause economic challenges for Ghana Inflation rate for Ghana reach one of de highest in de history of de country as e catch 37%. According to Ghana Statistical Service, inflation hit 37.2% for de month of September, dis be de highest in over 20 years. Starting de year around 13.9%, de inflation rate shoot up de price of food, goods and services, living costs den tins.  De hikes in fuel prices also add on to de cost of living as transport affect most parts of de Ghanaian economy. Ghana Union of Traders Association (GUTA) say dem go embark on protest on Wednesday, Octobern 19 to resgister dia displeasure over de economic woes dem dey face. Ghana govment never yet react to di latest report wey put de Cedi as de worst performing currency.