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Ghana’s cedi to strengthen on IMF deal, others stable

Ghana’s cedi is expected to ride the wave of positive investor sentiment after the government’s successful negotiations with the International Monetary Fund, while other African currencies are likely to hold steady.

The cedi has struggled against the greenback (dollar) since mid-January, but held its own this week.

Ghana reached a deal with the IMF for a $930 million three-year aid program to fix its economy, dogged by high deficits, public debt and a crippling energy crisis.

The deal could represent a turning point for Ghana, a stable democracy and producer of gold, cocoa and oil whose economy lost much of its shine since it reported a budget deficit of nearly 12 percent in 2013.

“We expect the recent stability to be maintained… and we expect the IMF package to further strengthen the local currency,” said Kwabena Yeboah Owusu of the Accra-based think-tank Dortis.

 

Source: Reuters Africa

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