Ghanaian Cedi Appreciates by More Than 30% in 4 Days — Currency Recovery Follows IMF Loan Announcement
Just a few months after it became the world’s worst-performing currency, the Ghanaian cedi’s exchange rate versus the U.S. dollar bounced back from just over 14 units per dollar on Dec. 1, to 8 units for every dollar by Dec. 16, new data has shown. The currency’s resurgence appears to have been fueled by reports that Ghana has secured a $3 billion loan from the International Monetary Fund (IMF). Cedi Appreciates by Over 36% in Just Four Days After tapping an all-time low of more than 14 cedis for every dollar, the Ghanaian currency’s exchange rate versus the U.S. dollar appreciated to 8 cedis per dollar by Dec. 16, the latest data from the Bank of Ghana (BOG) has shown. According to the BOG data, the most rapid recovery occurred between Dec. 12 and Dec. 16 when the cedi appreciated by more than 36%. Bank of Ghana Exchange Rates pic.twitter.com/HREBnMQezt — Bank of Ghana (@thebankofghana) December 16, 2022 As previously reported by Bitcoin.com News in October, shortages of th