Finance: The Ghana Cedis Has Surpassed The Sri Lanka Rupees As The World's Worst Performer Against The US Dollar.
Based on the latest reports by Bloomberg, the Ghanaian cedi isn’t doing so well in terms of value. It is currently the currency with the worst exchange rate to US dollars, hence its new title—worst performing currency in the whole world.
The Ghana cedi has suffered a tremendous fall ever since the start of the year, and so has the naira.
The fall in the currency is due to demand forex as it overtook supplies during a period when high debts and low investor confidence have made it impossible for Ghana to access the international capital market for borrowing, Bloomberg said.
Source.
As a Nigerian, the continuous depreciation of my currency’s value (the Naira) has always troubled me. And all I’ve ever done is rant and rant about the situation, while also blaming the government for its failures.
However, learning that the Ghana cedi has lost 45.1% of its value against the US dollar this year made me shake my head in disbelief. A whopping 45.1%? @depressedfuckup Are you Ghanaian? Have you seen this?
According to Bloomberg, the value of the currency was depleted by about 3% to 11.2750 per 1 dollar. However, at the time of writing, 1 US dollar is equivalent to 12.57 Ghanaian cedis.
So sorry to my Ghanaian friends, but a part of me is excited that my currency isn’t the worst at the moment! Just kidding!
Before now, the Sri Lankan Rupee was the worst and most poorly performing currency against the US Dollar, only to have the Ghanaian Cedi take its place. Who could have thought? Now, Cedi is first on the list of worst performers, while the rupee is second.
Although there are several reasons why the Ghanaian cedi may be losing drastically in this battle of currencies, one of them is inflation. The economy has not exactly been at its best, to the point that citizens have been forced to conduct protests across the nation against taxes, price hikes, etc.
Bloomberg said Ghana is hoping to receive up to $3 billion in loans for over three years under the IMF arrangement to spur its finances and support the balance of payments.
Source
Even though the Naira(#) is falling drastically against the US dollar, I’m elated that it’s not the worst performing. In addition, South Africa has also had its fair share of losses in the field of currency performance.
What are your thoughts?
Also, tag a Ghanaian and run away, LOL!
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🤣 💀 Dead! You’re not okay, shey you know?
Three billion in loan? That means the cedi is still going to devalue some more. Debt is one of the reasons the Naira is in the mess it is in now.
Anyways, good luck to Ghana, they’re welcome to purgatory 😂
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I knowwww😂
My dearrr, they're very welcome as it is. Our currency isn't doing so well either.
Naira's depreciating value is sad yes but it isn't that sad for those that are earning in dollars ballers in the making 🤩
Hmmmm. It is in a way because everything is expensive. You're still spending times 3 of that money on things that used to be way cheaper. For instance, food stuffs. How much is a loaf of bread today? A tuber of yam?
True though, but to us it still seems the same
1 USD is approx 430 Naira
And most people post her on hive gives them 7Usd when you minus the HP of course at a go. Then those that also deal on other currencies too.
I say we're better off😂
Hmmmmm. 430 according to CBN rate yeah?
Yeah, it's a bit disheartening
It’s appalling looking at the economic state of Ghana. The economy fell to its knees after the current government took over from the previous. One dollar was I think 6 cedis or less before this government came to power, and he’s only ruled for 2 years, with an additional 2 years remaining. You can imagine what things will look like by the end of his term in office. Meanwhile, they promised citizens 1 cedi will be equivalent to $1 when they’re elected. But what do we see now? Standard of living gets higher and higher everyday, and salaries don’t increase with it. Almost commodity has doubled in price over the past year. Ghana is slowly breaking apart. The coming 2 years will not be kind to Ghanaians at all.
This is sad. So sad. Here I was thinking Nigeria was in the deepest shit only to read about Ghana and it's failing currency. I wonder if things will ever get better.
Things could. But it’ll take a really smart government a really long time and a miracle to make it happen. Those are a combination of things difficult to find on their own, talk less of in this sophisticated combination. But let’s be hopeful and make wiser decisions in the elections to come. We choose the leaders after all.