The Cedi has been ranked as the worst-performing currency worldwide in a recent ranking by Bloomberg.
According to Bloomberg, which monitored the performance of 150 different currencies around the world, the Cedi has had the worst year-to-date performance.
The Cedi has experienced significant exchange rate pressure in less than 8 months as a result of its ongoing devaluation against some major international currencies, including the Dollar, Pound, and Euro.
The Bank of Ghana’s statistics shows that the Cedi started the year at a rate of $1 to GHS6.02.
In less than 20 days, traders required an average of GH9.37 to purchase $1.00, compared to a month ago when one could exchange $1.00 for GH7.43.
In less than eight months, the Cedi has lost more than GH3.30 of its value against the US dollar.
The Monetary Policy Committee is scheduled to meet today to “examine recent developments in the economy” to address the exchange rate issues, according to a statement issued by the Bank of Ghana.
This comes after it left borrowing costs unchanged at 19 percent last month, citing expectations that inflation may be levelling off and allowing a total of 550 basis points of rate hikes since November to be absorbed by the economy.
After the Bank of Uganda, the central bank is the second in Sub-Saharan Africa to hold an emergency meeting since Russia’s war with Ukraine erupted in February.