\n
The Ghana cedi experienced a modest recovery against the US dollar and other major currencies last week, following news that Ghana had secured substantial participation from Eurobond holders to restructure $13 billion of its international debt.<\/p>\n
Additionally, the International Monetary Fund (IMF) reached a Staff Level Agreement with the Ghanaian government on the Extended Credit Facility programme on Friday, October 4, 2024.<\/p>\n
The cedi appreciated by 0.09% against the US dollar over the week, closing at a mid-rate of GH\u00a216.19 per dollar. <\/p>\n
It also saw a 0.35% gain against the pound and a 0.28% rise against the euro.<\/p>\n
The currency’s improved performance is expected to continue in the short term, with the cedi currently trading at GH\u00a216.22 to the dollar on the retail market. <\/p>\n
However, the year-to-date depreciation against the US dollar remains significant at around 22%.<\/p>\n
Pending IMF board approval, Ghana is set to receive $360 million in financing this week, a move that could bolster the country’s foreign exchange reserves and strengthen supply-side interventions.<\/p>\n
Market analysts predict the cedi could see further gains in the coming weeks as positive sentiment grows in anticipation of the IMF funds being released.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"
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Successful restructuring of $13bn debt, IMF staff-level agreement bolsters cedi's performance - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2024\/10\/08\/successful-restructuring-of-13bn-debt-imf-staff-level-agreement-bolsters-cedis-performance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Successful restructuring of $13bn debt, IMF staff-level agreement bolsters cedi's performance - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"The Ghana cedi experienced a modest recovery against the US dollar and other major currencies last week, following news that Ghana had secured substantial participation from Eurobond holders to restructure $13 billion of its international debt. 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