The value of IHG points is different for everyone.
It is possible that in your case they can be worth 0.6 to 0.7 cents.
I tend to get over 1 cent per point by redeeming during point breaks as well as at standard point rates during peak season. For some properties, you don't even need peak season. E.g., I often see the flexible cash rate for the IC OR Tambo at around 320 EUR (4600 ZAR). Example date: March 14, 2019. The alternative of 30k points (still available on that date) seems much preferable.