Ghana Cedi Heads for 3 Week High on Bond Inflows: Accra Mover
Ghana’s cedi gained for a second day, heading for the strongest level in three weeks.
The currency of the world’s second-biggest cocoa producer appreciated by 0.2 percent to 1.8908 per dollar as of 1:27 p.m. in Accra, the capital, according to data compiled by Bloomberg. A close at this level will be the highest since Nov. 22, according to the data.
“The market got some inflows from offshore bond buyers on the secondary market,” Chris Nettey, a currency trader at the local unit of Standard Bank Group Ltd., said by phone today.
Yields on Ghana’s bonds in cedi issued on Oct. 8 and due in 2015 fell 50 basis points to 22.25 percent as 1:30 p.m., according to data compiled by Bloomberg.
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