As speculators continued to force foreign cash into the west African nation prior to an agreement with the International Monetary Fund, the Ghanaian cedi fell to become the worst-performing currency in the world this year.
The second-largest cocoa producer in the world saw its currency decline as high as 3. 3% before cutting its losses to 11.2750 per dollar at 3:30 p.m. in Accra, the capital.
Its losses for the year have already reached more than 45%; making it the highest among the 148 currencies tracked by Bloomberg.
Since Ghana started formal negotiations with the IMF for an extended borrowing facility last month, the cedi’s decline has quickened. Under the agreement, the nation hopes to receive up to $3 billion in loans over three years to boost its finances.