Ghana is battling its worst economic crisis in a generation, amid a currency crisis that has worsened the nation’s fiscal position
Last October, the Ghanaian currency, Cedi, became the worst performing currency in the world after it lost 45.1 per cent of its value to the United States’ dollar in 2022.
The cedi depreciated 3.3 per cent, down 11.2750 per dollar in the Ghanaian capital city, in response to the government’s talks with the International Monetary Fund on debt restructuring. A Bloomberg report said the cedi’s poor performance against the dollar makes it the worst among 148 currencies tracked.
The Ghanaian monetary authorities had initiated formal negotiations with the IMF for an extended credit facility as the West African country hopes to receive up to $3 billion in loans over three years in a bid to stabilize balance of payments. Ghana’s talks with the IMF began amid plans for a bailout programme designed to restore macro-economic stability as spiraling inflation triggered street protests against price hikes, taxes and other levies.
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