Wise Suspends Cedi Transfers Amid Volatility

Joseph-Albert Kuuire
By Joseph-Albert Kuuire 1 Min Read

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

Joseph-Albert Kuuire is the creator, editor, and journalist at Tech Labari. Email: joseph@techlabari.com Twitter: @jakuuire
Leave a comment

Thoughts? Opinions? Leave a comment!

This site uses Akismet to reduce spam. Learn how your comment data is processed.