Ghana’s cedi world’s worst

GHANA'S cedi slumped on Monday to become the world’s worst-performing currency this year as investors continued to squeeze foreign capital into the West African country. The currency of the world’s second-biggest cocoa producer depreciated as much as 3,3%, before paring the loss to 11,2750/$ in the capital, Accra. That took its losses this year to more than 45%, the most among 148 currencies tracked by Bloomberg. The decline of the cedi has accelerated since the beginning of the year. Ghana has for the past two months been in formal negotiations with the International Monetary Fund for an extended credit facility with the hope of receiving $3 billion in loans over three years. — Africanews.