Bloomberg News

Ghana Cedi Rises 1st Day in 3 Before Auction of 5-Year Bonds

July 14, 2011

July 14 (Bloomberg) -- Ghana’s cedi appreciated for the first day in three as investors bought the local currency ahead of the central bank’s auction of its first five-year bond since 2007.

The cedi appreciated as much as 0.1 percent to 1.5142 per dollar, before trading less than 0.1 percent up at 1.5158 per dollar as of 4 p.m. in the capital, Accra.

“Offshore investors sold the U.S. dollar today ahead of the central bank’s bond auction,” Kevin Adarkwa, a currency trader at the local unit of Standard Chartered Bank Plc, said in a telephone interview. “Brokerage firms were also doing the same.”

The Bank of Ghana will sell 300 million cedis ($197.9 million) worth of five-year bonds on July 28, the bank said in a prospectus published on its website on June 30.

--Editors: John Kohut, Alex Nicholson.

To contact reporter on this story: Moses Dzawu in Accra at mdzawu@bloomberg.net.

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


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