Wise Suspends Cedi Transfers Amid Volatility

Wise, the cross-border payments company, has suspended transfers in Ghana’s cedi currency after a rapid appreciation against the dollar this week made it costlier to move money to Ghana.

The Cedi is up 47% this week against the dollar, a record appreciation for a currency that only last week had been among the year’s worst performers.

On Tuesday, Ghana and the International Monetary Fund announced a staff-level agreement for a $3 billion relief programme.

A spokesperson for Wise said that Cedi functions would be restored “as soon as the situation has stabilised”.

Source: Reuters

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