Ghana cedi firms more than 12% after $3 bln IMF staff level agreement

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LONDON, Dec 14 – Ghana’s cedi currency firmed more than 12% on Wednesday to hit its strongest level in 2-1/2 months after the country reached a staff-level agreement over $3 billion with the International Monetary Fund.

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The currency strengthened to 9.5 to the dollar in a fourth straight session of gains, though is still down nearly 40% since the start of the year, Refinitiv data showed.

The embattled West African country and the fund announced on Tuesday that they had reached an agreement. IMF board approval of the proposed three-year loan is expected “early next year”, according to Finance Minister Ken Ofori-Atta.

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