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Ghana Eurobond Yield Falls 10th Day as Cedi Concern Eases

The yield on Ghana’s $750 million Eurobond declined for a 10th day to lowest in more than four months, signaling concern eased the cedi’s depreciation will make it difficult for the government to repay debt.

The yield on 8.5 percent 2017 bond fell 13 basis points, or 0.13 percentage point, to 5.359 percent as of 2:51 p.m. in Accra, the lowest on a closing basis since March 28.

“The continuing fall in yields shows that investors still maintain belief in the country despite the change in leadership and the fall in the currency,” Kojo Amoo-Gottfried and Kunal Vora, London-based research analysts at FM Capital Partners Ltd., said in an e-mailed note today. “The country still has net foreign currency reserves, estimated at $2.78 billion, which is more than sufficient for a $750 million bond.”

Ghana’s cedi fell 2.4 percent in June and pared the loss to 0.8 percent last month. The currency of the world’s second-biggest cocoa producer lost less than 0.1 percent to 1.9559 a dollar, according to data compiled by Bloomberg.

Former Vice President John Dramani Mahama was sworn in as leader on July 24 following the death of President John Atta Mills earlier that day. Bank of Ghana Governor Kwesi Amissah-Arthur was sworn in as the new vice president on Aug. 6.

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