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As Ghana waits for a financial bailout from the International Monetary Fund (IMF), the country\u2019s currency continued its slide versus the dollar after the respective currencies\u2019 exchange rate slipped to just under C15:$1. Following this latest plunge, the cedi has now depreciated by more than 55% in 2022 and this makes it the world\u2019s worst-performing currency.<\/strong><\/p>\n The depreciating Ghanaian currency \u2014 the cedi \u2014 recently touched a new low versus the U.S. dollar on the forex parallel market after it reportedly slipped by 12% in just four days. Reports of the Ghanaian currency slumping to a new low versus the greenback came shortly after the cedi\u2019s 3.3% slip on October 17 confirmed<\/a> its new status as the world\u2019s worst-performing currency.<\/p>\n According to the Myjoyonline report<\/a>, the acute shortage of U.S. dollars among banks and bureaux de change is the primary reason why the cedi has now fallen by more than 50% since the start of 2022. To support this assertion, the report cites testimony from one unnamed banking executive who urged monetary authorities to make a quick and decisive move to halt the currency\u2019s decline. Another unnamed banking executive suggested that individuals\u2019 hoarding of the U.S. dollar may be compounding the cedi\u2019s woes as well.<\/p>\n However, in a different report<\/a>, Myjoyonline quotes Ghana\u2019s Finance Minister, Ken Ofori-Atta, who expressed his surprise at the cedi\u2019s rapid depreciation. He claimed that Ghanaians importing goods earmarked for the upcoming Christmas holidays are partly to blame for the currency\u2019s collapse.<\/p>\n \u201cIt\u2019s quite perplexing to see where it\u2019s going. Of course, typically in October, people are importing for Christmas and maybe there\u2019s a rush for that (the dollar) but my expectation is that once we also conclude with the Fund (IMF), that will lead to the fund\u2019s disbursement early next year to do that,\u201d Ofori-Atta reportedly said.<\/p>\n Also, in the report, the Finance Minister appeared to imply that once the IMF\u2019s bailout funds are disbursed, the cedi will stabilize. Ofori-Atta also implored Ghanaians to avoid panicking as doing this tends to \u201cput pressure on the currency.\u201d He also insisted Ghana\u2019s economy is in fact \u201cin good shape.\u201d<\/p>\n Meanwhile, at the time of writing, some media reports<\/a> suggested the cedi had lost further ground versus the greenback and was now trading at just under C15:$1. According to a Myjoyonline report, this exchange rate between the two currencies suggests that the cedi\u2019s depreciation against the greenback now exceeds 55%.<\/p>\nWorld\u2019s Worst Performing Currency<\/h2>\n
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<\/p>\nGhana Eagerly Awaits IMF Bailout<\/h2>\n