Cedi Advances to 7-Week High on Bonds, Dollar Sale: Accra Mover

Jan. 8 (Bloomberg) -- Ghana’s cedi climbed to the strongest level in seven weeks as foreign investors prepared to buy bonds and as the central bank sold dollars.

The currency of the world’s second-biggest cocoa producer appreciated 0.4 percent to 1.8915 per dollar as of 2:16 p.m. in Accra, the capital. A close at this level would be the highest since Nov. 20, according to data compiled by Bloomberg.

“We began getting inflows for the upcoming bond auction,” Chris Nettey, a currency trader at the local unit of Standard Bank Group Ltd., said by phone. “That was helping with liquidity on the market.”

The central bank will sell 400 million cedis ($212 million) worth of three-year bonds on Jan. 10, the Bank of Ghana said yesterday. The bank expects the sale to be oversubscribed, Adams Nyinaku, head of treasury, said by phone today. The bank sold $29 million to banks today, including $21 million to support oil imports, Nyinaku said.

To contact the editor responsible for this story: Vernon Wessels at vwessels@bloomberg.net