The Ghanaian cedi's world-beating performance has come to an end due to a spike in demand for dollars by businesses paying for imports prior to the year-end holiday season.

The largest gold producer in Africa had its currency slide 13% so far this quarter, the largest drop in the world, according to Bloomberg statistics.

This partially reversed the cedi's 50% increase, which was supported by a higher price of bullion and made it the best-performing currency in the world during the three months leading up to June.

According to analysts like Hamza Adam, head of market-risk management at UMB Bank Ltd., the cedi's current weakness is partly due to the central bank's incapacity to provide the market with enough foreign currency.

Ghana's economy is reliant on imports for everything from manufacturing to food. As companies prepare for the Christmas and holiday season, demand for foreign goods typically rises at the end of the year.

By the end of June, Ghana's gross international reserves had risen to $11.1 billion, a three-year high, but the central bank will not use all of the money to cover the demand for foreign exchange.

In an email answer to queries, the bank stated that "the cedi should be stable within a reasonable range." "At the Bank of Ghana, it is our responsibility to make sure that fluctuations stay in check, reflect the fundamentals, and do not erode trust in the overall economy."