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.
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