Ghana’s Cedi Extends World-Beating Loss on Debt Talk Worries
- The cedi fell 9.5% Thursday in its biggest slide in 22 years
- Ghana negotiating program of up to $3 billion with the IMF
Hawkers wait for customers by their stalls set up in front closed shops in the central business area of Accra, on Oct. 20.
Photographer: Nipah Dennis /AFP/Getty Images
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Ghana’s cedi extended the world’s biggest loss against the dollar this year amid uncertainty that possible debt restructuring could affect domestic bondholders.
The currency depreciated 9.5% on Thursday, the biggest decline in 22 years. That took losses in 2022 to nearly 52%, the worst performance among 148 currencies tracked by Bloomberg.