The Cedi (GH¢), Ghana currency has now been classified as the worst performing currency in the world after Sri Lanka’s Rupee when measured with other trading currencies especially the US Dollars, a recent currency performance survey by Bloomberg has shown.
The ranking, Bloomberg shows that the GH¢ closely follows Sri Lanka Ruppee which is the last worst performing currency among 150 others in the world since the beginning of this year.
As at July 2022, GH¢ lost its value by more than 20%. The local currency is now trading above GH¢ 10.00 to one US Dollars.
Explaining why the currency nosedived to the basement, the Bank of Ghana – BOG said the cause was due to rising demands for hard currencies by non resident investors leaving the country, therefore measures are been taken to address the fall, the BOG assures.