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Cedi Set for Worst Weekly Drop Since 2019 Before Rate Move

  • Ghana’s central bank is holding an emergency meeting Wednesday
  • Rates may increase by 200 basis points, Goldman Sachs says
Updated on

Ghana’s currency extended its decline Wednesday, heading for its worst weekly drop in more than three years before an emergency central bank meeting to decide on borrowing costs.

The cedi dropped 1.1% at 11:03 a.m. in Accra, extending its fall this week to 5.2%. That’s the worst decline since the seven-day period ending March 29, 2019. The measure has plunged 35% this year making it the world’s worst-performing currency after Sri Lanka’s rupee among 150 economies tracked by Bloomberg.