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HomeBusinessPayments company Wise suspends cedi transfers after Ghanaian currency's sudden appreciation

Payments company Wise suspends cedi transfers after Ghanaian currency’s sudden appreciation

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Cross-border payments company Wise has suspended transfers in Ghana’s cedi currency after a rapid appreciation against the dollar this week made it more expensive to move money to the West African country, a Wise spokesperson said on Friday.

The cedi is up 47 percent this week against the dollar, Refintiv Eikon data showed – a record appreciation for a currency that only last week had been among the year’s worst performers.

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At the end of last week, Ghana and the International Monetary Fund (IMF) were set to announce a staff-level agreement for a $3 billion relief programme, which was then publicly announced on Tuesday.

A spokesperson for London-based Wise said that cedi functions, which were suspended Thursday, would be restored “as soon as the situation has stabilised” and that only a small number of transfers were affected.

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