Bloomberg News

Ghana Cedi Strengthens as Investors Await 5-Year Bond Sale

July 19, 2011

July 19 (Bloomberg) -- Ghana’s cedi strengthened for the third day in four as investors sought the currency before the first auction of five-year bonds in West Africa’s second-biggest economy since 2007.

The currency of the world’s biggest cocoa producer after Ivory Coast appreciated to 1.5135 as of 12:30 p.m. in Accra, the capital, from yesterday’s close of 1.5140, according to data compiled by the local unit of Barclays Bank Plc.

“As we approach next week’s auction of five-year bonds, offshore investors bought the cedis in readiness for the sales,” said Jacob Brobbey, a currency trader at Barclays Bank Ghana Ltd., by phone today.

The Bank of Ghana will offer 300 million cedis ($198 million) on July 28, according to a prospectus published on its website.

--Editors: Emily Bowers, Linda Shen.

To contact reporter on this story: Moses Mozart 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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