Cedi depreciates further, highest decline recorded in 22 years - Report

Bloomberg has on Thursday, October 20, 2022, reported that Ghana’s local currency – the cedi - has diminished in value by 9.6%. This, the news portal said, makes the total loss of the cedi in 2022 almost 52%, the highest recorded in 22 years. The free fall of the cedi now places the currency at the 148 position of worst performing currencies in the world. "The currency depreciated as much as 9.6% on Thursday, heading for its biggest decline in 22 years. That took losses in 2022 to nearly 52%, the worst performance among 148 currencies tracked by Bloomberg," the news portal reported. In October this year, a committee was formed to hold talks with domestic bond investors on debt management strategy and how to negotiate the deal with the International Monetary Fund (IMF). Ghana is targeting an amount of $3 billion over a three-year period from the International Monetary Fund (IMF) once an agreement on a programme is reached. The new amount requested as a loan is double the government’s initial target of $1.5 billion. The IMF programme is aimed at restoring macroeconomic stability and safeguarding debt sustainability among many others. ESA/DA

Bloomberg has on Thursday, October 20, 2022, reported that Ghana’s local currency – the cedi - has diminished in value by 9.6%. This, the news portal said, makes the total loss of the cedi in 2022 almost 52%, the highest recorded in 22 years. The free fall of the cedi now places the currency at the 148 position of worst performing currencies in the world. "The currency depreciated as much as 9.6% on Thursday, heading for its biggest decline in 22 years. That took losses in 2022 to nearly 52%, the worst performance among 148 currencies tracked by Bloomberg," the news portal reported. In October this year, a committee was formed to hold talks with domestic bond investors on debt management strategy and how to negotiate the deal with the International Monetary Fund (IMF). Ghana is targeting an amount of $3 billion over a three-year period from the International Monetary Fund (IMF) once an agreement on a programme is reached. The new amount requested as a loan is double the government’s initial target of $1.5 billion. The IMF programme is aimed at restoring macroeconomic stability and safeguarding debt sustainability among many others. ESA/DA