Just months after the worst in the world – The Ghanaian cedi’s exchange rate against the US dollar recovered from just over 14 units per dollar on December 1st to 8 units per dollar by December 16th, new data show. The currency’s resurgence appears to have been boosted by reports that Ghana has secured his $3 billion loan from the International Monetary Fund (IMF).
Cedi rises more than 36% in just four days
Ghanaian currency exchange rate against the US dollar after hitting a record low of more than 14 cedi per dollar Bank of Ghana (BOG ), it climbed to 8 cedis per dollar by December 16, according to the latest data. BOG data showed the fastest recovery between December 12th and December 16th, when Cedi rose more than 36%.
Bank of Ghana Exchange Rate pic.twitter.com/HREBnMQezt
— Bank of Ghana (@thebankofghana) Dec 16, 2022
As previously reported by Bitcoin.com News in October, a US dollar shortage and Ghana’s economic troubles have spurred a plunge in the Cedi, making it the world’s worst performing currency. was selected as At the time, Ghanaian authorities were reportedly hoping for a financial bailout package from the International Monetary Fund (IMF).
Ghana finally secures his IMF relief package. agreed. As part of the December 13 agreement, Ghana will reportedly use the funds to help those most affected by the deteriorating economic situation, restore financial stability and manage the country’s debt. I’m here.
Stephane Roudet, IMF Mission Chief for Ghana, on behalf of the international lenders, was quoted as saying:
The Ghanaian authorities said this builds on the Government’s Post-Covid-19 Economic Growth Program (PC-PEG) and addresses the serious challenges facing the country.
As part of the deal, Ghana will launch structural reforms that “support the financial strategy and ensure lasting integration,” Rude added.
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