Ghanaian Cedi Moved From The Worst To The Best Performer Against The US Dollar

This comes after Bloomberg compared the local currency to some 150 currencies worldwide
A few months ago, the cedi was tagged the worst performer against the dollar after it suffered a free fall in value

Bloomberg has tagged the Ghanaian cedi as the best-performing currency against the US dollar.

This comes after the local currency was compared to some 150 currencies across the globe.

The results indicate that the cedi emerged as the best-performing currency against the dollar after it appreciated in value for 5 straight days.

The cedi which has lost more than 50% of its value this year gained 10% against the greenback. The cedi to dollar depreciation saw the local currency trading as high as GH¢15 to $1. The situation has however improved as it currently trades a little above GH¢12.50 to the dollar.

A few months ago, the cedi was tagged as the worst performer against the USD, relieving the Sri Lanka rupee of this unenviable position.

The free fall of the cedi is said to have contributed to the current economic crisis which has led to the country’s return to the International Monetary Fund (IMF) for an economic bailout package.

According to Bloomberg, in just nine months of 2022, the cedi lost so much value making it the 147th worst currency worldwide.

The massive decline of the cedi against the American currency made it the worst in over three decades.