By Cooper Inveen
ACCRA (Reuters) -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% 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.
Reuters reported at the end of last week that Ghana and the International Monetary Fund 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.
(Reporting by Cooper Inveen, additional reporting by Rodrigo Campos, Editing by Louise Heavens)
