Ghana’s cedi fell 45.1 percent against the dollar this year, making it the world’s worst-performing currency.
The currency of the world’s second-biggest cocoa producer depreciated 3.3 percent on Monday to 11.2750 per dollar, according to Bloomberg.
Bloomberg stated that the cedi’s poor performance against the dollar was the worst among 148 currencies they track.
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 help restore macro-economic stability.
Due to the economic hardships and inflation in Ghana, hundreds of people have taken to the streets to protest against price hikes, a tax on electronic payments, and other levies.
Bloomberg reported that Ghana is hoping to receive up to $3 billion in loans from the IMF over the next three years. The funds would be used to support Ghana’s finances and balance of payments.
The cedi isn’t the only African currency that has been depreciating against the dollar lately – Nigeria’s naira and South Africa’s rand have both seen significant drops as well.
