Ken Ofori-Atta, Ghana's Minister of Finance, announced that Ghana was seeking a $1.5 billion loan from the International Monetary Fund (IMF). This announcement was immediately followed by the depreciation of the Ghanaian currency.

In an effort to shore up its finances, return to the global capital market, maintain investor confidence and support a three-year Enhanced Domestic Program (EDP), Ghana had requested a $1.5 billion loan from the IMF. This request was followed by the cedi falling to GHS 8.04 from GHS 7.95 at the close of last week. This depreciation is not without consequences for the economy of Africa's second largest gold producer, which is currently experiencing general inflation and food inflation. According to American economist Steve Hank of John Hopkins University, the depreciation of the cedi makes it "an undesirable central bank currency.