1 year ago
Just a fewer months aft it became the world’s worst-performing currency, the Ghanaian cedi’s speech complaint versus the U.S. dollar bounced backmost from conscionable implicit 14 units per dollar connected Dec. 1, to 8 units for each dollar by Dec. 16, caller information has shown. The currency’s resurgence appears to person been fueled by reports that Ghana has secured a $3 cardinal indebtedness from the International Monetary Fund (IMF).
Cedi Appreciates by Over 36% successful Just Four Days
After tapping an all-time debased of much than 14 cedis for each dollar, the Ghanaian currency’s speech complaint versus the U.S. dollar appreciated to 8 cedis per dollar by Dec. 16, the latest information from the Bank of Ghana (BOG) has shown. According to the BOG data, the astir accelerated betterment occurred betwixt Dec. 12 and Dec. 16 erstwhile the cedi appreciated by much than 36%.
Bank of Ghana Exchange Rates pic.twitter.com/HREBnMQezt
— Bank of Ghana (@thebankofghana) December 16, 2022
As antecedently reported by Bitcoin.com News successful October, shortages of the greenback arsenic good arsenic Ghana’s economical troubles had fueled the cedi’s plunge, which saw it being named the world’s worst-performing currency. At the time, Ghanaian authorities reportedly pinned their hopes connected a fiscal bailout bundle from the International Monetary Fund (IMF).
Ghana Finally Secures IMF Bailout Package
According to a report successful Al Jazeera, the IMF and Ghanaian authorities yet agreed connected a $3 cardinal indebtedness package. As portion of the Dec. 13 agreement, Ghana volition reportedly usage the funds to assistance those astir affected by the deteriorating economical conditions, reconstruct fiscal stability, and get the country’s nationalist indebtedness nether control.
Commenting connected behalf of the planetary lending institution, Stephane Roudet, IMF’s ngo main to Ghana, reportedly said:
The Ghanaian authorities person committed to a wide-ranging economical betterment program, which builds connected the government’s Post-COVID-19 Program for Economic Growth (PC-PEG) and tackles the heavy challenges facing the country.
Roudet added that arsenic portion of the agreement, Ghana volition initiate structural reforms that volition “underpin the fiscal strategy and guarantee a durable consolidation.”
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Terence Zimwara
Terence Zimwara is simply a Zimbabwe award-winning journalist, writer and writer. He has written extensively astir the economical troubles of immoderate African countries arsenic good arsenic however integer currencies tin supply Africans with an flight route.
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