Ghana: Cedi to get help from IMF funds

GHANA would receive about $800 million (R8.8 billion) from the International Monetary Fund as soon as January that would help stabilise the cedi, Minister of Finance Seth Terkper said on Monday. The package would help support the cedi’s recovery and prevent the currency from depreciating as quickly as it had in the recent past, Terkper said in an interview with Bloomberg TV Africa in London. The world’s second-largest cocoa producer said it aimed to conclude talks with the Washington-based lender next month for a three-year programme. “Confidence has gradually returned to the markets,” Terkper said. “We do not expect that the cedi will go back to depreciating as fast as it has done in recent past,” the minister said. Even after rebounding in the past two months, Ghana’s currency is still the worst performer in Africa this year. – Bloomberg