The International Monetary Fund (IMF) has granted Ghana a $3 billion bailout to aid its economic recovery from the debt crisis. The anticipation of this approval has boosted investor confidence, resulting in Ghana’s currency, the Cedi, becoming the world’s top performer against the dollar.
Ghana’s much-anticipated request for a $3 billion bailout from the International Monetary Fund (IMF) has been approved, per Bloomberg. This signals a positive outlook for the nation’s economy amidst its debt-induced crisis. Investors had been eagerly awaiting this news over the past six months, leading to a surge in confidence and making Ghana’s cedi the world’s top-performing currency against the US dollar.
As of today, the currency reportedly traded 1.7% stronger at 10.8625 per dollar in Accra, Ghana’s capital. Additionally, Ghana’s Eurobond maturing in 2032 experienced a boost, rising 0.5 cents to 40.2 cents on the dollar.
The approved funding will serve to…