Cedi tagged the worst performing foreign money worldwide through Bloomberg

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A recent forex overall performance ranking by way of Bloomberg has categorized the Cedi as the worst-performing foreign money throughout the globe.

Bloomberg tracked the overall performance of one hundred fifty currencies in the world and the Cedi placed ultimate in phrases of performance seeing that the commencing of the year.

In less than 8 months, the Cedi has come underneath intense trade charge stress due to its continuous depreciation to some essential worldwide currencies such as the Dollar, Pound and Euro.

According to facts put out by way of the Bank of Ghana, the Cedi started the yr at $1.00 to GH¢6.02.

Just a month ago, one should change $1.00 for GH¢7.43, and in less than 20 days, merchants wanted an average of GH¢9.37 to buy $1.00.

To address the alternate charge problems, the Monetary Policy Committee is anticipated to meet today to “review recent traits in the economy,” according to a statement released by using Bank of Ghana.

That’s after it left borrowing charges unchanged at 19% remaining month on expectations that inflation can also be leveling off and to allow a cumulative 550 basis factors of rate hikes due to the fact November to filter via the economy.

The central financial institution is the 2d in sub-Saharan Africa after the Bank of Uganda to preserve an emergency meeting considering that Russia’s warfare with Ukraine erupted in February.

The meeting comes after regulators introduced Monday that water and electrical energy tariffs will upward push 22% and 27% respectively from next month.