Ghana Cedi in tatters as world’s worst performing currency by Bloomberg

• Ghana Cedi is in tatters, declared the world’s worst performing currency by Bloomberg.
• Cedi had plunged by 2.7% to a record low on Monday on the foreign exchange market.
• Real wages and salaries continue to reduce as prices of goods and services surge upward.
• Ghana Cedi is the world’s worst-performing currency.

The Ghana Cedi is currently in tatters, haven depreciates over 2Ghs in 1 week to compound the ever-depreciating currency against major foreign currencies. The implications of the continuous fall of the cedi is already being felt by ordinary Ghanaians. Ratings from Fitch, and S&P also saw the cedi rating falling further into junk this month. Bloomberg in their latest publication on the free-falling cedi indicated that the cedi had plunged by 2.7% to a record low on Monday on the foreign exchange market.

While the cedi looks frustrated, the Ghanaian Economy is struggling to survive as inflation continues to dictate its own fall. The Ghana cedi fell by some 1.6% on Tuesday, extending this year’s slump to 35% and making it the world’s worst performer, according to Bloomberg.

“The cedi fell 1.6% on Tuesday, extending this year’s slump to 35% and making it the world’s worst performer among the 150 currencies tracked by Bloomberg, after bankrupt Sri Lanka’s rupee. The annual inflation rate in July climbed more than expected to 31.7% from 29.8% a month prior, the statistics office said Aug. 10.” Bloomberg has indicated.

According to Bloomberg, managers of the Ghanaian Economy are expected to hold a crunch meeting on 17th August as the Cedi loses its relevance in the currency market. Its fall according to Bloomberg is the fastest in almost two decades.