{"id":1180984,"date":"2022-08-17T09:35:23","date_gmt":"2022-08-17T09:35:23","guid":{"rendered":"https:\/\/www.ghanamma.com\/2022\/08\/17\/cedi-tagged-the-worst-performing-currency-worldwide-by-bloomberg\/"},"modified":"2022-08-17T09:35:23","modified_gmt":"2022-08-17T09:35:23","slug":"cedi-tagged-the-worst-performing-currency-worldwide-by-bloomberg","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2022\/08\/17\/cedi-tagged-the-worst-performing-currency-worldwide-by-bloomberg\/","title":{"rendered":"Cedi tagged the worst performing currency worldwide by Bloomberg"},"content":{"rendered":"<p><\/p>\n<div>\n<div class=\"td-post-featured-image\">\n<figure><img loading=\"lazy\" decoding=\"async\" width=\"696\" height=\"581\" class=\"entry-thumb\" src=\"http:\/\/www.ghanamma.com\/wp-content\/uploads\/2022\/08\/Ghana-thumb-1-508x424-Copy-696x581.jpg\"   alt=\"cedi\" title=\"Ghana-thumb-1-508x424 (Copy)\"\/><figcaption class=\"wp-caption-text\">cedi<\/figcaption><\/figure>\n<\/div>\n<p>A recent currency performance ranking by Bloomberg has classified the Cedi as the worst-performing currency across the globe.<\/p>\n<p>Bloomberg tracked the performance of 150 currencies in the world and the Cedi placed last in terms of performance since the beginning of the year.<\/p>\n<p>In less than 8 months, the Cedi has come under intense exchange rate pressure due to its continuous depreciation to some major international currencies such as the Dollar, Pound and Euro.<\/p>\n<p>According to data put out by the Bank of Ghana, the Cedi began the year at $1.00 to GH\u00a26.02.<\/p>\n<p><!-- \/22191989129,1002554\/MGL\/mgl_ado_atunwa_300x250 --><\/p>\n<p>Just a month ago, one could exchange $1.00 for GH\u00a27.43, and in less than 20 days, traders needed an average of GH\u00a29.37 to buy $1.00.<\/p>\n<p>This means the Cedi has lost most than GH\u00a23.30 of its value to the dollar in less done 8 months.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"http:\/\/www.ghanamma.com\/wp-content\/uploads\/2022\/08\/Cedi.jpeg\" alt=\"Cedi tagged the worst performing currency worldwide by Bloomberg\" class=\"wp-image-10032153780\" title=\"Cedi tagged the worst performing currency worldwide by Bloomberg\"\/><\/figure>\n<p>To address the exchange rate problems, the Monetary Policy Committee is expected to meet today to \u201creview recent developments in the economy,\u201d according to a statement released by Bank of Ghana.<\/p>\n<p>That\u2019s after it left borrowing costs unchanged at 19% last month on expectations that inflation may be leveling off and to allow a cumulative 550 basis points of rate hikes since November to filter through the economy.<\/p>\n<p>The central bank is the second in sub-Saharan Africa after the Bank of Uganda to hold an emergency meeting since Russia\u2019s war with Ukraine erupted in February.<\/p>\n<p>The meeting comes after regulators announced Monday that water and electricity tariffs will rise 22% and 27% respectively from next month.<\/p>\n<p>            <!--  [embed]https:\/\/www.youtube.com\/watch?v=videoseries[\/embed]<!--\" frameborder=\"0\" allow=\"accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe>--><\/p>\n<div class=\"youtube-embed\" data-video_id=\"2D0cLOEi2mE\"><iframe loading=\"lazy\" title=\"The Ghanaian Youth and Laziness - Badwam Afisem on Adom TV (17-8-22)\" width=\"696\" height=\"392\" src=\"https:\/\/www.youtube.com\/embed\/2D0cLOEi2mE?feature=oembed&#038;enablejsapi=1\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>cedi A recent currency performance ranking by Bloomberg has classified the Cedi as the worst-performing currency across the globe. Bloomberg tracked the performance of 150 currencies in the world and the Cedi placed last in terms of performance since the beginning of the year. In less than 8 months, the Cedi has come under intense [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1180986,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[72],"tags":[1579,672,673,5551,16426,14726,2552],"class_list":["post-1180984","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-bloomberg","tag-cedi","tag-currency","tag-performing","tag-tagged","tag-worldwide","tag-worst"],"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1180984","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/comments?post=1180984"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1180984\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/media?parent=1180984"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/categories?post=1180984"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/tags?post=1180984"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}