Ghanaian Cedi Expires by More Than 30% in Just 4 Days — Currency Recovery Following IMF Loan Announcement


The exchange rate of the Ghanaian cedi against the U.S. Dollar increased from less than 14 units per dollar Dec. 1, to 8 units per dollar Dec. 16, just a few months later. This was new data. According to reports, a $3 billion loan was granted by the International Monetary Fund (IMF) to Ghana.
In Just Four Days, Cedi appreciation increases by more than 36%
The exchange rate of the Ghanaian currency against the U.S. Dollar fell to an all-time low of over 14 cedis per $1. According to the Bank of Ghana (BOG), the latest data has shown that it rose to 8 cedis per $1 by December 16. According to BOG data, the cedi’s most rapid recovery was between Dec. 12-16 when it appreciated by more that 36%.

Bank of Ghana Exchange Rates
December 16, 2022 — Bank of Ghana (@thebankofghana). News reported in October that the cedi’s plunge was caused by a shortage of the greenback and Ghana’s economic problems. It was also named the world’s worst performing currency. According to reports, Ghanaian authorities had placed their hopes on a financial bailout package offered by the International Monetary Fund.

Ghana finally secures IMF bailout package
According to Al Jazeera, the IMF has reached an agreement with Ghana’s government for a $3 billion loan package. According to the Dec. 13 agreement, Ghana will use the funds for the following purposes: To help the most vulnerable people, restore financial stability and control the country’s debt.

Stephane Roudet (mission chief for IMF in Ghana), reportedly commented on behalf of the international lending institution:
The Ghanaian authorities have pledged to implement a broad-ranging economic reform program. This builds on the government’s Post-COVID-19 Program for Economic Growth, (PC-PEG), and addresses the deep challenges facing the country.
Roudet said that Ghana would initiate structural reforms as part of the agreement that will “underpin and ensure a durable consolidation.”
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