Bloomberg News

Ghana’s Cedi Strengthens as Investors Prepare for Bond Auction

July 05, 2011

July 5 (Bloomberg) -- Ghana’s currency strengthened as investors sought cedis before an auction of five-year bonds that will be denominated in the local currency.

The cedi traded at 1.5150 per dollar by 4:30 p.m. in Accra, the capital, from yesterday’s close of 1.5160, according to data compiled by the local unit of Standard Chartered Bank Plc.

“There is good liquidity on the market as foreign-based investors make funds ready for the auction,” Kevin Adarkwa, a currency trader at the bank, said by phone.

The Bank of Ghana will sell 300 million cedis ($198 million) of the notes on July 28, the bank said in a prospectus published on its website June 30.

--Editors: Emily Bowers, John Simpson.

To contact the reporters on this story: Ekow Dontoh in Accra at edontoh@bloomberg.net; Moses Mozart Dzawu at mdzawu@bloomberg.net

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net.


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