Due to the rapid appreciation of the cedi in comparison to the dollar, Wise, a company that deals in cross-border payments has halted the transfer of funds in “Ghana cedi.”
A spokesperson of the company said the latest development has made it costlier to move money to Ghana.
The cedi has appreciated 47% against the dollar this week according to data.
The currency has gained against the dollar from the worst to the best performers.
This week’s volatility is the result of the $3 billion staff-level agreement between the Government of Ghana and the International Monetary Fund.
A different Wise representative stated that the suspended cedi functions would be reinstated “as soon as the situation has stabilized,” affecting only a few transfers.