The free fall of the cedi under the watchful eyes of Dr Mahamudu Bawumia who had claimed he will ‘arrest’ the dollar when he and his boss Nana Akufo Addo comes to power is under the spotlight once again.
According to Bloomberg statistics, the Ghana cedi is currently the currency that has performed the poorest globally when compared to the US dollar.
Over the past few months, the value of the currency has been steadily declining in relation to the dollar.
This is linked to the fact that prior to the country’s agreement with the International Monetary Fund, “wait-and-see investors continued to squeeze foreign capital into the west African country.
This makes the cedi’s depreciation the worst among 148 currencies tracked by Bloomberg, overtaking Sri Lanka’s rupee whose depreciation has been 44.7%.
However, there is no clear end in sight to the cedi’s problems, thus Ghana is currently talking to the IMF about a financial bailout and help. However, it is not yet certain when the nation would get the money from the Bretton Woods institution.